Fun

US Senator Lummis Thanks God for Bitcoin as Congress Discusses Raising Debt Ceiling

News Feed - 2021-10-17 11:10:22

US Senator Lummis Thanks God for Bitcoin as Congress Discusses Raising Debt Ceiling


U.S. Senator Cynthia Lummis said, “Thank God for bitcoin,” during her speech to the Senate about raising the U.S. debt limit. “Bitcoin is not issued by a government, so it is not beholding to the debts that are run up by governments,” she explained. US Senator to Congress: ‘Thank God for Bitcoin’


Senator Cynthia Lummis praised bitcoin during her speech on the Senate floor last week about raising the U.S. debt limit. The senator has been a bitcoin hodler since 2013 and has repeatedly stated that bitcoin is a great store of value.


Lummis pointed out that while lawmakers were intensely discussing raising the debt limit, “almost no one is talking about the debt” itself. “We are getting closer to $30 trillion. Certainly, if the spending that is being entertained by the majority party and the Biden administration passes, it will be over $30 trillion,” she warned.


The senator from Wyoming explained: Countries have historically tended to decline once the debt surpassed their gross domestic product.


Citing the Congressional budget office stating in February that the national debt would surpass the country’s GDP this year, the senator exclaimed: “The debt ceiling increase that is being discussed here is so more spending can occur without addressing our debt-to-GDP ratio. We cannot go on like this. It is irresponsible at the deepest levels.”


The senator warned, “we are swiftly approaching a time when we will be unable to” pay our debt holders.


She proceeded to share: One of the reasons that I became so interested in digital currencies, in non-fiat currencies, is because they are not issued by a government. Bitcoin is not issued by a government so it’s not beholding to the debts that are run up by governments.


Lummis asserted, “If we are going to let the dollar decline, having the lessons of history in front of us, and failing to act, we are truly irresponsible.”


She elaborated: “In the event that that contingency occurs, I want to make sure that non-fiat currencies — currencies not issued by governments, currencies not beholden to political elections — can grow, can allow people to save, can be there in the event that we fail at what we know we have to do.”


Noting that “There’s no proof yet in the 21st century that we are going to make this right. Time and again, in the U.S. House and the Senate, time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it,” the senator described, adding: So, thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own. That is an indictment of our responsibility … to address this looming, predictable, massive issue.


What do you think about Senator Lummis’ comments? Let us know in the comments section below. Economics Professor Warns "Cryptocurrencies May Contribute to Monetary and Financial Instability" ECONOMICS | 10 hours ago Putin: Still Early but Crypto Can Be Used for Oil Trade Settlements, Store of Value ECONOMICS | 1 day ago Tags in this story Congress, congressional, cynthia lummis, debt ceiling, debt limit, Debt to GDP ratio, gdp, thank god, thank god for bitcoin


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Rocky Start
Slow and Empty Blocks With a Mysterious Message - ABC"s New Chain Off to a Rocky Start On November 15, 2020, the Bitcoin Cash blockchain experienced a network up
Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Possibly Opening Bear Cycle
Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Possibly Opening Bear CycleBitcoin miners on Tuesday transfered nearly 3,000 bitcoin, worth around $28 million, directly into exc
Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year
Supply of Tokenized Bitcoin Dropped Significantly Since the Start of the Year This year, the number of tokenized bitcoins hosted on alternative blockchains like Ethereum, has dropp
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto min
Bitcoin price is failing to break these 2 key resistance lines at $60K
William Suberg1 hour agoBitcoin price is failing to break these 2 key resistance lines at $60KBitcoin bulls have “lots of work to do” as they attempt to claw back lost ground after two-month BTC price lows.932 Total
Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle
Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle Digital asset markets have recaptured some of the losses taken three days ago, as a grea
Binance to remove prime brokerage loophole
Vince Quill6 hours agoBinance to remove prime brokerage loopholeThe change came after some Binance Link clients reportedly took advantage of the program’s multi-tiered fee structure through arbitrage.1086 Total views1
US Government Expands Charges Against North Korean Hackers- Authorities Describe Them as The ‘World’s Leading Bank Robbers’
US Government Expands Charges Against North Korean Hackers- Authorities Describe Them as The "World"s Leading Bank Robbers" The U.S. Department of Justice (DOJ)
Keanu Reeves Says Dismissing Crypto Will Only Make It Better
Keanu Reeves Says Dismissing Crypto Will Only Make It Better Famous actor Keanu Reeves says dismissing crypto or criticizing its volatility will only “make it better in terms
David Attlee3 minutes agoKenyan lawmakers ask local Blockchain Association to come up with crypto billKenya might become the first country in the world where the industry’s representatives would develop the regulatory
Jesse Coghlan30 minutes agoThai crypto investors turn to tarot cards, divine signals to predict marketA Thai fortune teller once purpotedly predicted when the crypto market would recover last year, claiming they were tol
Real-world tokenization can drive homeownership — Quarter Homes CEO
Vince Quill6 hours agoReal-world tokenization can drive homeownership — Quarter Homes CEOCurrent 30-year fixed mortgage rates in the United States are close to 7%, as younger individuals struggle to purchase property.1