Bitcoin is a finite value of 21 million coins. This cryptocurrency could potentially become the new currency or the new exchange value, especially if the current economic system remains fragile. Bitcoin may soon replace today’s economic and monetary systems. It is this message that US Senator Cynthia Lummis would seem to share through her tweet.
Plan A: The USD, the current economic and monetary system
Every government is doing its best to deal with the current crisis. Everyone has their own strategy. However, they have one thing in common: most want to maintain the current economic and monetary systems. Result: inflation (as in the case of Sri Lanka and Venezuela).
According to Wyoming Senator Cynthia Lummis, this inflation could also affect the United States if measures are not taken to rectify the spending methods of the American government. The senator worries that the US dollar will continue to lose its value. Especially since the current economic system is already fragile.
Cynthia Lummis: the queen of cryptocurrency
In the Senate, we call Cynthia Lummis “the queen of crypto“. Everyone knows about his interest in cryptocurrency, especially bitcoin. This American senator is indeed the first member of the American Senate to proclaim that she has a significant amount of bitcoins. She is also very famous for her efforts to create a regulatory framework for the crypto markets.
With Senator Kristen Gillibrand, she implemented a bill on responsible financial innovation. The objective of this bill is to provide a legal and clear framework around cryptocurrencies. Concretely, this bill entrusts the regularization of cryptocurrencies to the CFTC (The Commodity Futures Trading Commission). It is the American financial regulator of the derivatives markets. This instead of giving this power to the SEC (Securities and Exchange Commission), the American federal body of regulation and control of the financial markets.
Plan B: Bitcoin
On the account bitcoin magazine twitterthe American senator specifies:One of the reasons I became interested in bitcoin as an asset that the US needs to nurture is because I fear the US dollar is losing value all the time.»
For this senator, bitcoin could soon become plan A if the current situation continues. Which means that bitcoin could potentially become the new currency or the new exchange value.
It is entirely possible (and feasible) to adopt bitcoin (BTC) as the official currency. This is particularly the case in El Salvador. If we want to turn around the American economy, this measure will obviously come with a lot of conditions and a minimum of preparation.
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