As US President Joe Biden signed a bill to raise the national debt limit to $28.9 trillion, Senator Cynthia Lamis said Bitcoin (BTC) is a blessing from God.
Senator Lamis delivered a speech in the Senate on Thursday discussing how digital currencies like bitcoin can help countries like the United States deal with the looming crisis when the country runs out of money.
Loomis said one of the reasons she is so interested in cashless digital currencies like bitcoin is that they are not issued by the government, and therefore do not rely on debt “accumulated by governments,” as is the case in the United States.
According to Mais, since cryptocurrencies are independent of governments and political choices, they must grow and exist so that people can save in the event of government failure:
In the future, the heads of both sides irresponsibly accumulated debts, not planning to pay them off. So we thank God for bitcoin and other fiat currency beyond the irresponsibility of governments, including our own. ”
US President Biden formally signed into law Thursday a law that temporarily increases the government’s borrowing limit and pushes the default deadline only to December. The legislation would expand the debt ceiling by $480 billion from the current $28.4 trillion government debt.
On this topic: The US legislature is very interested in the Treasury’s response to cryptocurrencies.
Lummis has become one of the most vocal advocates of Bitcoin in the US Senate. The senator is known for amassing large amounts of bitcoin, with one of her recent purchases valued at between $50,000 and $100,000.
In February, Lummis Financial Innovation launched the Caucus Group to educate other lawmakers about bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known for joining the laser flash group on Twitter earlier this year and estimates that Bitcoin will reach $100,000 by the end of 2021.