U.S. Senator Cynthia Lummis said, “Thank God for bitcoin,” during her speech to the Senate about raising the U.S. debt limit. “Bitcoin is not issued by a government, so it is not beholding to the debts that are run up by governments,” she explained.
US Senator to Congress: ‘Thank God for Bitcoin’
Senator Cynthia Lummis praised bitcoin during her speech on the Senate floor last week about raising the U.S. debt limit. The senator has been a bitcoin hodler since 2013 and has repeatedly stated that bitcoin is a great store of value.
Lummis pointed out that while lawmakers were intensely discussing raising the debt limit, “almost no one is talking about the debt” itself. “We are getting closer to $30 trillion. Certainly, if the spending that is being entertained by the majority party and the Biden administration passes, it will be over $30 trillion,” she warned.
The senator from Wyoming explained:
Countries have historically tended to decline once the debt surpassed their gross domestic product.
Citing the Congressional budget office stating in February that the national debt would surpass the country’s GDP this year, the senator exclaimed: “The debt ceiling increase that is being discussed here is so more spending can occur without addressing our debt-to-GDP ratio. We cannot go on like this. It is irresponsible at the deepest levels.”
The senator warned, “we are swiftly approaching a time when we will be unable to” pay our debt holders.
She proceeded to share:
One of the reasons that I became so interested in digital currencies, in non-fiat currencies, is because they are not issued by a government. Bitcoin is not issued by a government so it’s not beholding to the debts that are run up by governments.
Lummis asserted, “If we are going to let the dollar decline, having the lessons of history in front of us, and failing to act, we are truly irresponsible.”
She elaborated: “In the event that that contingency occurs, I want to make sure that non-fiat currencies — currencies not issued by governments, currencies not beholden to political elections — can grow, can allow people to save, can be there in the event that we fail at what we know we have to do.”
Noting that “There’s no proof yet in the 21st century that we are going to make this right. Time and again, in the U.S. House and the Senate, time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it,” the senator described, adding:
So, thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own. That is an indictment of our responsibility … to address this looming, predictable, massive issue.
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Economics, Congress, congressional, cynthia lummis, debt ceiling, debt limit, Debt to GDP ratio, gdp, thank god, thank god for bitcoin