Bitcoin is a finite value of 21 million coins. This cryptocurrency could become a new currency or exchange value, especially if the current economic system is still fragile. Bitcoin may soon replace today’s economic and monetary systems. This is the message US Senator Cynthia Lummis seems to be sharing through her tweet.
Plan A: The USD, the current economic and monetary system
All governments are doing their best to deal with the current crisis. Everyone has their own strategy. However, they have one thing in common: most want to maintain the current economic and monetary systems. Result: inflation (as in the case of Sri Lanka and Venezuela).
According to Wyoming Senator Cynthia Lummis, this inflation could also affect the United States if steps are not taken to correct the American government’s spending methods. The senator is concerned that the US dollar will lose its value. Especially since the current economic system is already fragile.
Cynthia Lummis: the queen of cryptocurrency
In the Senate, we call Cynthia Lummis “queen of crypto“. Everyone knows about his interest in cryptocurrency, especially bitcoin. This American senator is indeed the first member of the American Senate to announce that she has a significant amount of bitcoins. She is also very famous for her efforts to create a regulatory framework for the crypto markets.
Together with Senator Kristen Gillibrand, she introduced a bill for responsible financial innovation. The purpose of this bill is to provide a legal and clear framework for cryptocurrencies. Specifically, this bill entrusts the regulation of cryptocurrencies to the CFTC (Commodity Futures Trading Commission). America’s financial regulator is the derivative markets. This instead of giving this power to the SEC (Securities and Exchange Commission), the American federal body for the regulation and control of the financial markets.
Plan B: Bitcoin
On the account bitcoin magazine twitterstates the American senator:One of the reasons I got interested in bitcoin as an asset that the US needs to support is because I fear that the US dollar will lose value all the time.»
For this senator, bitcoin could soon become plan A if the current situation continues. Which means that bitcoin could become a new currency or a new exchange value.
It is entirely possible (and feasible) to adopt bitcoin (BTC) as an official currency. This is especially true in El Salvador. If we want to turn the American economy around, this move will obviously come with many conditions and minimal preparation.
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!