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BlockNews
Home CRYPTO

Senator Lummis States the US Bitcoin Reserve Could Strengthen the Dollar

Michael Juanico by Michael Juanico
July 12, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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  • 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.

JUST IN: 🇺🇸 US #Bitcoin reserves will help strengthen the dollar, states Senator Cynthia Lummis pic.twitter.com/1oT0Jf86Td

— BlockNews.com (@blocknewsdotcom) July 12, 2024

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.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinCryptocurrenciesCynthia Lummisdigital currenciesFox News
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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