A unique year 2020 put the global economy into recession as it tried to meet the challenges posed by COVID-19. If the traditional system collapses, bitcoin will become important, according to US Senator Cynthia Loomis.

“If we get to the point where we’re spending so much on things that are starting to fall apart, the black swan event will happen in any fiat currency – whether it’s ours or yours, Chinese or Japanese – where support is available to all governments in the world. This column is Bitcoin,” Lummis told Peter McCormack during his recent podcast what Bitcoin did.

Government actions and media coverage of COVID-19 increased in March, leading to business closures and financial difficulties. Since then, the challenges remain in financial incentives and healthcare in line with the government’s mandates on COVID-19.

Greetings from the cryptocurrency-friendly state of Wyoming, Lummis wants to increase the US government’s awareness of bitcoin. “I really want to use my time in the US Senate in part to help advance the bitcoin topic,” she said, explaining her wish.

Raising awareness in the Senate about Bitcoin, what its function, what its purpose, and how it can be a resource that can grow and develop as a supplement, often alongside our fiat currency, and that it must be given a clear path and path – an effective highway To grow and develop using our paper currency.
Unlike Bitcoin and its constant supply, the structure of the US dollar includes inherent inflation, making devaluation inevitable, according to Mays, who owns Bitcoin himself. “I am a duper,” she said. “I just bought. I never sold.”

Due to a difficult year, the US government debt increased further in 2020, reaching more than $ 27 trillion at the time of Lamees publication. “I know the United States has neither a strategy nor a plan to start paying off the debt,” she said. “When I started in Congress in January 2009, we only moved $ 10 trillion out of $ 9 trillion in debt.”

This year, the US government promised a number of funds related to COVID-19 and also printed large amounts of cash. Loomis noted that more negotiations are underway on the costs associated with the pandemic, and considered Bitcoin as the potential solution.

In addition to tackling the debt problem, the US needs “an alternative approach in case we fail, and I see an alternative method like Bitcoin,” Loomis said, referring to the asset’s role as a store of limited value and access.

Source: CoinTelegraph