Senator plans to teach Congress how to use bitcoin to reduce the national debt

[onooks]

An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt.
Senator-elect Cynthia Lummis told the What Bitcoin Did podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January.
"If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin," Lummis said.
The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency's supply is finite.

Source: https://markets.businessinsider.com/currencies/news/senator-elect-cynthia-lummis-bitcoin-store-value-paper-money-congress-debt-2020-12-1029894839

[Twinkledoe]

If nothing else, someone believes the capability of bitcoin. Not many politicians are openly supporting bitcoin or crypto. Because if a person is knowledgeable how crypto works, the chance of endorsing it to his colleagues is really high. And this Senator, I think, knows how to transact btc at least.

[buwaytress]

Not even Bitcoin can stave off where the national US debt is going. They're increasingly spending more than they earn (I'm also not going into how they printed in just one month more money than Bitcoin's market cap at one point, famous headline ho ho) and they're not going to be spending less any time soon with fresh stimulus needed to prop the country up post Covid. Congress doesn't need teaching. They just need to get a little brave and maybe reject some of those defence Act amendment bills. Not that that alone helps.

[dizzy1996]

In general, this is an innovative solution that will contribute to the introduction of cryptocurrency into the US public sector and, in general, the transition to cryptocurrency will provide a lot of benefits and reduce the cost of creating a paper currency, and as we know they are very high, which will give budgets new receipts of money, which will significantly strengthen the US economy

[davis196]

The only way to reduce the US national debt is to cut government spending A LOT,which will never happen because it might cause a great financial crisis and civil war in the USA.
I wonder what's her plan to use Bitcoin in order to reduce the US national debt-just buying millions of Bitcoins and HODL?Sounds great for the Bitcoin price,but who is going to cover the gigantic trillion dollar US budget deficit?I really doubt that the US government will start using Bitcoin to pay government costs.
Anyways,we have Bitcoin supporters in the US senate,which is great.

[Wexnident]

Err, it's a positive outlook when it comes to Bitcoin, but honestly, I really doubt it could help their issue, especially with the current state of the US debt. In this case, the senator is correct it looking at Bitcoin as a better store of value, but that solution would've honestly helped more if they did it before, not now. Well, who knows in the long term, it may be possible, but I really doubt that Bitcoin could help them as things stand as it is right now.

[Bitstar_coin]

lol! back to school senators it is time to receive lecture on the topic "what is btc" this article just made my day, plus am really proud of this senator-elect for bring this suggestion, now i can see btc as a topic of discussion among the senators pretty soon, the road to mainstream media is clearer than ever ,
there is always a starting point in everything, there is nothing wrong in trying to see what will be best to solve the debt issue even if it means going the crypto way.

[irixo10]

This is positive coming from a politician because I hardly have seen any politician saying good things about Bitcoin. Even though she later did not succeed in bringing congress to understand her own point of view towards Bitcoin, it is good to know that, the knowledge and potential of Bitcoin is growing and reaching where no one thought of. Furthermore, for her to be this bold will likely make it easier for others who might have had such opinions to come out and voice their suggestions as well; the crypto space is growing everyday and the government will soon not be able to contain it.

[yayayo]

If nothing else, someone believes the capability of bitcoin. Not many politicians are openly supporting bitcoin or crypto. Because if a person is knowledgeable how crypto works, the chance of endorsing it to his colleagues is really high. And this Senator, I think, knows how to transact btc at least.

That's really good if you are really influential I was wondering how their government will use Bitcoin or crypto to reduce the national debt buying Bitcoin? What if the price crash that means they will be more in debt or are they going to have their own mining farm? Anyways it's nice that some government officials are open in using cryptocurrency.

ya.ya.yo!

[btc_angela]

I don't think that bitcoin is design to reduce national debt. But on the other hand, if the Senator has plans to teach Congress then why not? But don't expect that everyone will understand or suddenly will become pro-bitcoin or at least support blockchain.

Some of these congressmen are old and traditional fart so I'm not going to be surprised that majority of them will just laugh it off. So it is a long shot, but as bitcoiners, we appreciate Cynthia Lummis effort here.

[pealr12]

Sounds good especially coming from a person in the government, although i have no clue how they intend to make btc reduce the national debt, may be they know something we don't, but the simple fact that this piece of information just put btc in a whole different level is worth it, i hope they find a solution to address the issue of national debt through btc because that will make btc the savior of the great American Economy and confirm what they fought so hard to hide.

[livingfree]

Her initiative to teach bitcoin in the Congress is a goodnstart. Education and knowledge about bitcoin is much better. Once these people becomes educated how volatile bitcoin is, they will understand how it really works.

They need to be informed and understand why everyone is using it as an investment, a store of value and asset. But for the debt, what she's planning to do? Government wouldn't be convinced to invest on it. But for individuals, that will help.

[Anonylz]

Never knew this day will come when btc will be taught within and among the congress, to be honest am shock to even hear such suggestion from a US congress person, this really shows there is a new administration indeed.
In no time i can see other countries trying to follow the footstep of the us government, i can't wait to hear the feedback when this initiation has been put into action, although i don't think the outgoing administration will be please with this news at all

[Lorence.xD]

I don't think that will work and that Congress will take that seriously. Also, I don't believe that US has actuall intention to reduce the national debt.
But at least that senator has some kind of vision that might come into force some time in the future but I don't think this is going to happen now.

If it helps their agenda to stay in power, I think that they will hear this out, especially the shady ones, they want to know more about this to have their stolen money laundered far more better. I think that they have the intention but they all do not want to act on it, the debt just grows and I think the reason is like any other people with debt, they are waiting for the time that the debt will be forgotten or far out of concern for both parties involved. This kinds of politicians is what we need, hopefully there are more like her that will run for offices around the world, visionaries. On a side note, she better be able to walk the walk.

[stompix]

And again BTC is presented like the miraculous cure for everything.
No! Bitcoin won't solve the US debt problem, it can't do it alone!

You simply can't get out of debt when you spend more than you make, it's impossible, be it with fiat, gold or crypto, before even thinking this is a solution look in history, states have gone bankrupt even 3 millennia ago when everything was just gold and silver, this didn't prevent them from accumulating debt above the level of sustainability and go bankrupt after.

Unfortunately, now that BTC has attracted a lot of interest things like this are happening, when every politician rushes to be the first at embracing technology without realizing what this is about and comes with stupid statements like this, switch from $ to BTC, what would that solve? Your debt still needs to be paid and you still need to earn more bitcoins than you spend to stop getting into more debt.

[meanwords]

It's good that at least someone is starting to consider utilizing Bitcoins capabilities for their national debt. I mean, it won't completely solve their problem but if it can help, then that would be phenomenal to US. This might even be a start of something positive if the result is good. Though I hope they really make it into a thing instead of just planning it.

[Debonaire217]

If nothing else, someone believes the capability of bitcoin. Not many politicians are openly supporting bitcoin or crypto. Because if a person is knowledgeable how crypto works, the chance of endorsing it to his colleagues is really high. And this Senator, I think, knows how to transact btc at least.

I agree with this statement, because it takes a lot of courage and knowledge to introduce bitcoin in the congress. How could you convince someone if you did not know it yourself. Bitcoin could be a big help or maybe a solution in the problem of every country if a country invested to it, but it takes a lot of time for a country to grow in bitcoin, because you have to learn how bitcoin works and how could we use it in daily living.

[hatshepsut93]

Investing in a volatile and unpredictable asset to deal with your debt is just a recipe for disaster.

"It's kind of something that frees governments up to say, there is a backstop," said Lummis. "If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin.

This is not a bad idea, the US can easily afford to invest a few tens of millions in Bitcoin to use it as some sort of insurance for this unlikely scenario when US dollar crashes to the ground while Bitcoin goes to the moon. Even if it will Bitcoin will be the one to crash, this loss will be nothing to them. Though they might want to do it quietly, because the mere fact of such investment would negatively impact the perception of US dollar.

[shield132]

Not even Bitcoin can stave off where the national US debt is going. They're increasingly spending more than they earn (I'm also not going into how they printed in just one month more money than Bitcoin's market cap at one point, famous headline ho ho) and they're not going to be spending less any time soon with fresh stimulus needed to prop the country up post Covid. Congress doesn't need teaching. They just need to get a little brave and maybe reject some of those defence Act amendment bills. Not that that alone helps.

You are true, USA is printing so much money and it's debt is going through the roof + they are giving away some money to other small countries to help in this pandemic but the most curious for me is that despite the fact that US debt is rising, in some countries, people prefer to stick USD instead of their national currencies and even value of USD rised during the pandemic.
Btw I don't know why they think that saving assets in bitcoins will help the whole USA economy but I think, truth is that people try to make themselves popular by stating something around bitcoin.

[buwaytress]

Not even Bitcoin can stave off where the national US debt is going. They're increasingly spending more than they earn (I'm also not going into how they printed in just one month more money than Bitcoin's market cap at one point, famous headline ho ho) and they're not going to be spending less any time soon with fresh stimulus needed to prop the country up post Covid. Congress doesn't need teaching. They just need to get a little brave and maybe reject some of those defence Act amendment bills. Not that that alone helps.

You are true, USA is printing so much money and it's debt is going through the roof + they are giving away some money to other small countries to help in this pandemic but the most curious for me is that despite the fact that US debt is rising, in some countries, people prefer to stick USD instead of their national currencies and even value of USD rised during the pandemic.
Btw I don't know why they think that saving assets in bitcoins will help the whole USA economy but I think, truth is that people try to make themselves popular by stating something around bitcoin.

It's been the global standard since the 1970s, hard to change something like that. And somewhat also because it's got the widest number in circulation (literally, more bills and more widespread than anything else), it's of course easier to get hold of. It's the preferred physical currency in many parts of the world I've been in, and that list of countries only expands.

Also, pretty dangerous these days to state something about Bitcoin if you want to be popular. Bitcoin believers are still very much a minority.