“Bitcoin Is Here For A Long Time.” Lummis Calls Cryptocurrency A Standard

Wyoming Republican Says Altcoins May Not Be As Decentralized As A Major Digital Asset

Wyoming Republican Senator Cynthia Lummis told CNBC in an interview that Bitcoin is the standard and therefore will not disappear anywhere anytime soon, unlike other cryptocurrencies. Lummis argues that altcoins may not be as decentralized as bitcoin.

"I do think that #bitcoin is here to stay, and I think a lot of the others are not," says @SenLummis. "#Bitcoin is the standard. Everything else has to be monitored differently because they are created differently." pic.twitter.com/yvWvz0hjFm

— Squawk Box (@SquawkCNBC) November 2, 2021

“Bitcoin is the standard. Other cryptocurrencies need to be valued differently, since they were created differently, ”the senator said.

In late July, Lummis argued that the depreciation of the US dollar is accelerating the adoption of cryptocurrencies like Bitcoin.

According to the Lummis, this is the stupidest and most inflationary way to push people to use crypto assets.

In June, Lummis announced the purchase of bitcoin at the bottom. She added that she will continue to invest in the cryptocurrency as its price declines.

The senator also called the advantages of bitcoin. The digital coin could contain the devaluation of the US dollar and other fiat currencies, she said.