Senator Cynthia Lummis (R-WY) has argued that incorporating Bitcoin into the US financial system could strengthen the US dollar and help maintain its global dominance.
She made the statement during a Fox Business interview on July 12, where she outlined her vision for a financially sovereign America and advocated for Bitcoin as a reserve. She said:
“Having Bitcoin in reserve can help the US dollar stay strong.”
Pro-Bitcoin agenda
Lummis confirmed her agenda in a subsequent one social media messageincluding rejecting Central Bank Digital Currencies (CBDCs), advocating clear protections for self-custodial Bitcoin wallets, and restoring the dollar’s dominance for the 21st century.
She expressed her satisfaction with the Federal Reserve’s decision not to pursue CBDC, as such technology could become a potential tool for government surveillance of US citizens.
Lummis also emphasized her support for financial freedom, saying the ability to self-control was an important part of that. She said:
“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
An outspoken proponent of crypto innovation, Lummis has been advocating for policies that protect individual financial freedom for several years. Her stance against CBDCs and in favor of Bitcoin comes at a time when digital currencies are becoming a major talking point ahead of the November elections.
Bitcoin Backed Dollar
Lummis’ position echoes that of MicroStrategy Chairman Michael Saylor, who responded to her on social media, similarly advocating for a Bitcoin Backed Dollar. He said such a currency would uphold American values of privacy and property rights while strengthening the dollar.
Saylor has made similar statements in the past and believes that Bitcoin represents a digital transformation of the financial system. He also believes that Bitcoin is the “top” asset and will “eat gold” in the coming years.
The push for Bitcoin as a reserve asset reflects a broader movement among crypto advocates to integrate digital assets into the US financial system. Proponents argue that Bitcoin can serve as a hedge against inflation and increase financial privacy through decentralization.
Former President Donald Trump has also reportedly discussed making Bitcoin a reserve for the dollar and is expected to lead the upcoming 2024 Bitcoin Conference. Trump has expressed strong support for the crypto sector in recent weeks and opposed the implementation of CBDCs over privacy concerns.