The junior U.S. Senator from Wyoming, Cynthia Lummis (R-WY), is calling Bitcoin a solid store of value that is capturing the attention of mainstream investors.
In a MarketWatch interview, Sen. Lummis cites the Coinbase initial public offering (IPO) and Tesla’s $1.5 billion investment in Bitcoin as evidence of the flagship cryptocurrency reaching mass adoption.
“We’re seeing it come into the mainstream. You’re seeing people like Elon Musk (Tesla CEO) make big investments in Bitcoin. You saw Coinbase just today go public and have a valuation that is just dumbfounding.
And so it is going mainstream and that’s because everybody from [Goldman Sachs CEO] Jamie Dimon, who used to criticize Bitcoin, is looking at making an investment in Bitcoin because I think they finally understand why Bitcoin is a good solid store of value.”
Sen. Lummis argues that the flagship cryptocurrency’s hard cap and its fundamental principles are what make it such an appealing option to store wealth.
“There’s only going to be 21 million Bitcoin ever created. And so you’ve got an automatic finite supply. And there’s so many guarantees about the manner in which Bitcoin is going to be mined, and rolled out, and can be held, that there are assurances that these values are going to hold up. And it’s going to hold up over the test of time.”
While referring to Bitcoin as a “great equalizer” since it can be owned indiscriminately by both retail investors of all sizes and institutional investors alike, Sen. Lummis insists on a buy-and-hold strategy to protect against currency debasement in the wake of loosening monetary policies.
“So, I would say to the guy who’s outside of this building washing the windows, ‘Hang on to that Bitcoin.’ Buy it. Hold it. And when you hold it, it’ll be there when you retire. Who knows how many US dollars will have been printed by the time that gentleman retires?”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Oleksiy Mark