Senator Cynthia Lummis (R-WY) Advocates for Bitcoin as a Reserve Asset to Strengthen the US Dollar

Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US financial system can strengthen the US dollar and help it maintain its global dominance.

Republican Senator Cynthia Lummis (R-WY) has stated that integrating Bitcoin into the U.S. financial system could help strengthen the dollar and maintain its global dominance.

During an interview with Fox Business on July 12, Lummis outlined her vision for a financially sovereign America and highlighted Bitcoin as a potential reserve asset. She stated, “Having Bitcoin in reserve can help the U.S. dollar remain strong.”

Lummis further elaborated on her pro-Bitcoin agenda in a social media post, which also included rejecting retail Central Bank Digital Currencies (CBDCs), advocating for clear protections for self-custody Bitcoin wallets, and restoring the dollar's dominance for the 21st century.

She expressed satisfaction with the Federal Reserve’s decision not to pursue a CBDC, as such technology could become a potential tool for government surveillance of American citizens.

Emphasizing her support for financial freedom, Lummis highlighted being able to self-custody as an important part of it. She stated, “We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”

A vocal supporter of crypto innovation, Lummis has championed policies that protect individual financial freedom for several years. Her stance against CBDCs and in favor of Bitcoin comes at a time when digital currencies are becoming a significant topic of discussion ahead of the November elections.

Lummis' stance aligns with MicroStrategy chair Michael Saylor, who responded to her on social media and similarly advocated for a Bitcoin-backed dollar, which he believes would uphold American values of privacy and property rights while strengthening the dollar.

Saylor has made similar statements in the past and believes that Bitcoin represents a digital transformation of the financial system. He also believes that Bitcoin is the “apex” asset and will “eat gold” in the coming years.

The push for Bitcoin as a reserve asset reflects a broader movement among crypto proponents to integrate digital assets into the U.S. financial system. Advocates argue that Bitcoin can serve as a hedge against inflation and enhance financial privacy through decentralization.

Former President Donald Trump has also reportedly discussed making Bitcoin a reserve asset for the dollar and is slated to headline the upcoming 2024 Bitcoin Conference. Trump has voiced strong support for the crypto sector in recent weeks and opposed the implementation of CBDCs due to privacy concerns.

Mentioned in this article

Assad Jafri

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

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