Newly Elected Senator Says Bitcoin Is A Good Store Of Value

Newly Elected Senator Says Bitcoin Is A Good Store Of Value

After being ignored by most investors and traders in the financial market, Bitcoin is now gaining widespread attention that it should have gotten some years back. In this regard, Cynthia Lummis, an incoming senator in Wyoming and a Bitcoin proponent, has noted that Bitcoin is the perfect store of value. The incoming senator said this on live TV. One interesting fact is that the senator bought her first Bitcoin in 2013. In one of her statements, the crypto was just a little over $300 when she bought it, and it was a period that no one knew anything about the digital asset and its potential.

Lummis bought her first Bitcoin in 2013

Around the period that Cynthia Lummis bought her first Bitcoin, the coin received massive criticism and was termed all sorts of names. Giving a statement at the Wyoming Blockchain Stampede in September, Lummis said that she purchased Bitcoin because she believed Bitcoin possessed the economic power of scarcity. Furthermore, Cynthia Lummis also said she believes that digital assets will provide a core solution to the global financial system’s shortfalls. While being interviewed, the incoming senator was asked if she would talk about Bitcoin in the national sphere; she nodded in the affirmative.

Giving her reason, Lummis said that as a previous state treasurer, she sees Bitcoin as one of the best store of value, hence her reply. According to her, Bitcoin fits the bill when it comes to looking for assets that serve as a store of value. Lummis said that what analysts and experts think is true as Bitcoin serves as a perfect hedge against inflation. Notably, highly regarded analysts like Michael Saylor, Jack Dorsey, and Bill Miller all share the same opinion. According to the senator, while the dollar can be affected by inflation, the digital asset cannot because it has a finite supply of 21 million that can ever be mined.

Bitcoin’s finite supply makes it a great hedge against inflation

Going further, the senator said that the finite supply of Bitcoin had been established since it was created, and no human intervention or technological advancement can change the supply. This major feature puts the digital assets well in place to hedge against inflation across the globe. Lummis has also noted that in the years to come, crypto will have an important part to play in the store of value around the world and no just in the US only. After watching her talk about crypto on live TV, crypto community members were delighted and had been showering encomiums on the recently elected senator.

One of those is co-founder of Gemini, Tyler Winklevoss, as he took to Twitter to share the video and asked his millions of followers to see how Lummis talked about Bitcoin’s value. Another Bitcoin proponent, Brekkie Von Bitcoin, also retweeted the video and noted that this shows that people should see crypto in a new narrative rather than seeing it as a means to fund terrorist and drug dealers.