- Newly elected Wyoming senator Cynthia Lummis has become the first U.S. senator to openly own Bitcoin
- Lummis told ABC news that Bitcoin fits the bill as a deflationary store of value
- Lummis bought her first Bitcoin in 2013
Newly crowned Wyoming senator Cynthia Lummis has become the first U.S. senator to openly own Bitcoin. Lummis, who was first exposed to the cryptocurrency in 2013, won her seat in the senate with a 73.1% victory over her challenger Merav Ben-David, and took the chance to extol the virtues of Bitcoin during an interview with ABC following her victory.
Bitcoin “Fits That Bill” as Store of Value
Lummis was asked if she hoped to bring Bitcoin into the national conversation, to which she responded that she did hope to do just that. She added that as a former state treasurer she was responsible for investing the state’s “permanent funds” and as such she was “always looking for a good store of value, and Bitcoin fits that bill.”
Lummis expanded on her reasoning, explaining Bitcoin’s fundamentals to her interviewer:
Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.
Lummis Long Term Bitcoin Holder
Lummis is not a recent Bitcoin convert having first bought the cryptocurrency in 2013, and with her new position as senator she is in a great position to influence the thinking behind cryptocurrency regulation in the state.
In a recent tweet, Wall Street veteran and crypto enthusiast Caitlin Long reported that Lummis hopes to “defend it (Bitcoin) against federal encrouachment”:
SENATOR LUMMIS…YESSS!!!🤠 She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She LOVES what #Wyoming did in #crypto—publicly said tonight that she wants to defend it against federal encroachment. 🙏Congrats Sen Lummis!🚀 pic.twitter.com/FVI7sBcB2t
— Caitlin Long 🔑 (@CaitlinLong_) November 4, 2020
Given the warning from Ray Dalio last week that the U.S. government could ban Bitcoin were it to get too big, the space could do with all the defenders it can muster, especially those in high office.