- US Senator Cynthia Lummis stated that the government’s Bitcoin reserves can help strengthen the US dollar.
- Lummis advocated for Bitcoin self-custody and opposed retail Central Bank digital currencies, which she considers a means of surveillance.
- The US dollar has faced criticism amid the BRICS nations’ de-dollarization efforts and the impending US debt crisis, but greater Bitcoin adoption can help bolster the dollar’s strength.
US Senator Cynthia Lummis recently stated that the government’s Bitcoin reserves may actually help strengthen the US dollar. This comes as the country continues working to maintain the dollar’s strength amid geopolitical efforts to weaken it.
Senator Lummis Advocates for Bitcoin’s Potential
Senator Lummis has been a vocal advocate for cryptocurrencies. In a recent tweet, she outlined her Bitcoin-focused political agenda. Specifically, Lummis called for no retail central bank digital currencies. She also pushed for Bitcoin self-custody protections and restoring the dollar’s global prominence.
How Bitcoin Could Support the Dollar
In an interview with Fox News, Senator Lummis explained how Bitcoin could support the US dollar. With Bitcoin becoming a key issue ahead of the next presidential election, she discussed its importance. Lummis stated that Bitcoin reserves can help keep the dollar strong. This is especially relevant as the world has increasingly adopted other currencies in recent years.
The Senator also spoke about the importance of self-custody of Bitcoin. She said that allowing people to hold Bitcoin in individual wallets provides them sovereignty over their money. Lummis added that having Bitcoin reserves can help the US dollar remain a dominant global currency.
Recent Dollar Concerns
The US dollar has faced growing criticism in 2022. The new BRICS economic alliance has pushed for reduced use of the dollar. This comes alongside the US’ impending debt crisis.
Greater mainstream adoption of Bitcoin could aid the dollar. For instance, the first Bitcoin spot ETF debuted earlier this year. That helped push Bitcoin to an all-time high of $73,000 in March. Although it has since declined, there is potential for further growth this year. This could bring more prominence to both Bitcoin and the US dollar.
