After weeks of debate, US President Joe Biden signed a bill earlier this week to raise the United States’ debt ceiling. While it allowed the country to avoid default (again), Senator Cynthia Lummis showed disappointment in their state of affairs. She responded with an impassioned speech on why fiat money has failed and why she loves Bitcoin as an alternative.
Insurmountable Debt
As reported by The Hill, the House voted to raise the debt ceiling into December after interrupting a scheduled recess. Biden administration officials stressed that if not raised by Monday, the country could enter a recession, erasing months of economic recovery.
The decision has been a partisan one, with senate Democrats generally in favor of the measure and Republicans against it. Senate Minority Leader Mitch McConnel vowed to unite Republicans against extending it further in December.
However, Senator Cynthia Lummis sees the bill as part of a greater problem, which she believes crosses party lines. Speaking to Congress on Thursday, she asserted that the country would soon be completely unable to cover its debt. The debt – which has grown alongside presidents of both parties throughout the 21st century – has surpassed the nation’s GDP.
Lummis claimed that this is “the point at which nations decline.”
“If we’re gonna let the dollar decline, having the lessons of history in front of us, and failing to act… we’re truly irresponsible,” said Lummis.
The senator stated that in the event of the dollar’s collapse, she wants to ensure that “non-fiat currencies” can flourish instead.
Can Bitcoin Save the United States?
During her speech, Lummis clarifies that her interest in digital currency stems from their freedom from government control.
“Thank god for Bitcoin and other digital currencies that transcend the irresponsibility of governments – including our own. That is an indictment of our responsibility to address this looming, predictable, massive issue.”
In August, Lummis personally invested $100,000 into Bitcoin, proving her genuine faith in the cryptocurrency. Previously, she had admitted to owning five bitcoins bought years ago at $300 apiece.
Bitcoin has long been praised as an alternative to inflationary fiat currencies to its absolutely fixed supply. Recently, it has been recognized by major institutions as an inflation hedge superior to gold, according to JPMorgan.
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