“Bitcoin over Gold”, believes senator Lumis
โWe already have the financial assets in the form of gold certificates to convert to Bitcoinโ, stated U.S. Senator Cynthia Lummis, a steadfast advocate for cryptocurrency and has urged the Federal Reserve to consider reallocating its gold reserves into Bitcoin.ย
As reported by crypto.news, Senator Lummis has consistently championed Bitcoin as a hedge against inflation and a tool for financial independence, emphasising its role as the “digital gold” of the modern era. Her latest remarks reflect a growing narrative among crypto proponents who view Bitcoin’s decentralised nature and fixed supply as superior to the โphysical limitations of goldโ.
Senatorโs comments come amidst increasing concerns over inflation and questions surrounding the Federal Reserve’s monetary policies. With its capped supply of 21 million coins, Bitcoin is often seen as a hedge against currency devaluation, a sentiment Lummis echoed in her call for the Federal Reserve to embrace more forward-looking financial strategies.
Meanwhile, some critics argue that Bitcoin’s price volatility, environmental concerns, and regulatory uncertainties make it a risky choice for national reserves. Nonetheless, as noted by crypto.news, Lummisโs position aligns with a broader ideological shift, where cryptocurrency is gaining acceptance as a legitimate asset class worldwide.
The senator’s advocacy also fits into her larger push for regulatory clarity around digital assets in the United States. By encouraging innovative policies, Lummis aims to position the U.S. as a leader in the evolving cryptocurrency ecosystem, ensuring it remains competitive on the global stage.
Lummisโs comments represent a bold vision for the future of national financial reserves. While the Federal Reserve has not signalled any intent to follow such a recommendation, the growing influence of cryptocurrency advocates like Lummis suggests that the conversation about Bitcoin’s role in institutional finance is far from over.