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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

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, a Republican from Wyoming, stands for a photo at the U.S. Capitol in Washington, D.C., U.S., November 9, 2020.
Stefani Reynolds/Pool via REUTERS



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.



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Senator-elect Cynthia Lummis plans to broaden the coversation in Congress around bitcoin when she assumes office in January.On an episode of the What Bitcoin Did podcast on Monday, the Wyoming Republican said bitcoin is a great store of value and can help tackle one of her biggest concerns-the US national debt.Lummis said the US needs to develop a plan to retire the debt, and also needs to develop an "alternative path" in case that fails. "I see the alternative half as bitcoin, because you have the ability to invest in something that has stability in the store of value," Lummis said.
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