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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.
She made the statement during a Fox Business interview on July 12, where she outlined her vision for a financially sovereign America and advocated for Bitcoin as a reserve asset. She said:
“Having Bitcoin in reserve can help the US dollar remain strong.”
Pro-Bitcoin agenda
Lummis reaffirmed her agenda in a subsequent social media post, which includes 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 can become a potential tool for government surveillance of American citizens.
Lummis also emphasized her support for financial freedom and said that being able to self-custody was an important part of it. She said:
“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
Lummis, a vocal supporter of crypto innovation, has championed policies that protect individual financial freedom for a number of 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.
Bitcoin-backed dollar
Lummis’ stance aligns with that of MicroStrategy chair Michael Saylor, who responded to her on social media and similarly advocated for a Bitcoin-backed dollar. He said that such a currency 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 US 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.
