Cynthia Lummis Backs Elon Musk’s Bitcoin Praise
Senator Cynthia Lummis, a Republican from Wyoming and pro-Bitcoin advocate, voiced her agreement with Elon Musk’s recent positive remarks about Bitcoin as a hedge against inflation and excessive government spending. On October 14, she reacted to Musk’s comments on social media, highlighting the potential of a Strategic Bitcoin Reserve to bolster the US dollar. Lummis suggested that it offers a reliable asset that can be audited and might help alleviate a significant part of the national debt over the next two decades.
Musk had stated that Bitcoin’s reliance on energy makes it a preferable option for preserving value compared to government directives, especially as countries engage in fierce competition in the AI sector. He acknowledged this during a back-and-forth on social media, agreeing that a global race in AI could result in substantial financial commitments, leading to a decline in currency value.
“That’s right,” Musk commented. “Bitcoin is grounded in energy. Governments can create fake fiat money, and history shows they have, but they can’t replicate energy.”
Lummis stands out in Congress as a vocal supporter of cryptocurrency. She has consistently advocated for clear regulations surrounding digital assets, noting that Bitcoin can enhance the financial stability and competitive edge of the United States. Earlier in September, she organized a roundtable with top figures from the cryptocurrency industry in Washington, D.C., aiming to promote a bill that would mandate the U.S. government to acquire up to one million BTC.
Also present were notable industry leaders like Michael Saylor from MicroStrategy and Fred Thiel from Marathon Digital Holdings.
Additionally, members of the Senate Banking Committee are working on a digital assets bill to clarify the roles of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, progress has been sluggish, largely due to a shortage of agency personnel to provide guidance on regulatory matters and technical specifications.
