- "Thank God for Bitcoin...that transcends the irresponsibility of governments," Senator Cynthia Lummis said.
- Sen. Lummis' remarks came in response to the Senate's approval of a bill to increase the U.S. debt limit by $480 billion.
- "Time and again…presidents of both parties have run up the debt irresponsibly with no plan to address it."
Bitcoin is a blessing of God amid irresponsible policies at the government level, said Senator Cynthia Lummis in a speech to the Senate. The Senator provided her perspective on how Bitcoin can help people stay immune to "irresponsible" monetary policies.
"One of the reasons I became so interested in non-fiat currencies is because they're not issued by a government. Bitcoin is not issued by a government."
On October 7, the Senate approved a bill to help the U.S. avoid a default on its debt in the next few weeks. The agreement enables an increase of $480 billion to the debt limit, "a sum the Treasury Department estimates will allow it to pay bills until December 3," CNBC reported.
"Time and again, in the U.S. house of the senate, presidents of both parties have run up the debt irresponsibly with no plan to address it," Lummis added. "So thank God for Bitcoin...that transcends the irresponsibility of governments, including our own."
Lummis also warned of the dangers of embarking upon irresponsible debt management, including the dollar's devaluation. She said that both parties are "truly irresponsible" if they fail to act right and let the dollar decline, in which case Lummis would like to give Americans an option.
"In the event that contingency occurs, I want to make sure that non-fiat currencies, not issued by governments, not beholden to political elections can grow, allow people to save, and be there in the event that we fail at what we know we have to do," the Senator claimed.