Bitcoin

Sen. Cynthia Lummis: Why I'm All In on Bitcoin

The Wyoming Republican believes bitcoin provides a serious alternative store of value, will spur renewable energy, and just might save the dollar.

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The Bitcoin 2021 Conference in Miami in early June wasn't just a celebration of the end of the pandemic and an opportunity for cryptocurrency and blockchain true believers to gather up close and maskless with more than 10,000 fellow travelers. It was a watershed moment for a technological and cultural movement whose goal is nothing short of the separation of money and state.

Bitcoin emerged just a dozen years ago, when a pseudonymous genius shared a nine-page paper on an obscure email list, and now it's the third-largest currency on the planet, according to Deutsche Bank. In another 12 years, we may look back on Bitcoin 2021 as the Woodstock of the crypto generation.

One of the biggest—and most surprising—breakout stars of the conference was Cynthia Lummis, a 66-year-old freshman Republican senator from Wyoming. From the stage and in an interview with Reason, Lummis forcefully made the case that bitcoin not only provides a legitimate alternative store of value and medium of exchange but would act as a check on the devaluation of the U.S. dollar and other currencies through the runaway creation of fiat money. She also believes that the growth of bitcoin—mistakenly assailed for its heavy use of electricity—is acting as a spur to create renewable energy in places such as Wyoming, and she extolled its privacy features in a world of increasing surveillance by governments and corporations alike.

NEXT: Financial Privacy May Be Spiraling

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  1. The Bitcoin 2021 Conference in Miami in early June wasn’t just a celebration of the end of the pandemic

    Huh? Oh, shit, Florida, carry on. I’m still behind the fucking Berlin Mask.

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  2. We’re in extremely deep shit, and I’m not sure Bitcoin, or other alternative currencies, are going to save us. Observers like this guy at Reddit, once you pare away the butthurt-over-Gamestop rhetoric and BernieBro-esque characterization of the players, paint a vivid picture of the dire straits that world financial markets find themselves within: https://www.reddit.com/r/Superstonk/comments/o0scoy/the_bigger_short_how_2008_is_repeating_at_a_much/

    In particular the reverse repo market having gone absolutely bonkers recently, strikes me as not a good sign. June 30, the day mortgage protection ostensibly lapses, might be the butterfly wing flutter that kicks off a string of CDO defaults.

    My concern is the Fed, and the people who really run this country, see no way out of this mess but starting a no-shit, all-the-marbles war.

  3. So another GOPer pushing for renewables. Let’s see how that works out huh. Destabilizing the electric grids, pushing down prices so fossil generators have to shut down, then spot price swings because the next day there’s no wind but high temps, so cycling generators incur more startup costs and maintenance. They’ll push for battery storage which of course requires materials we don’t have and will never be allowed to mine because of environmental regs, forcing us to deal with dictators and shithole countries, all for digital currency and an out of control fed and leftie shits running the government printing press.

    1. Oh and lest we forget she works for a state that has lost jobs from coal mining and will never get back. Thanks for nothing.

      1. She works for a state that is mostly backwards rednecks.

        1. You prefer them facing frontwards so you can get to their cocks more easily behind the 7-11, sarcasmic?

          1. You got me! I’m Sarc!

    2. New technology bad, news at 11.

      I mean serious come on. We are at the point where, ignoring climate change and everything. renevewable energy is almost cheaper and much safer than fossil fuels. You don’t support adoption because … renewable bad somehow?

      Grid stabilization is a problem for fossil fuels too. They are also somewhat responsible. And its a problem we are close to a solution too with better battery power.

      These are technological innovation. I’m not sure why you are opposed to them.

  4. By the way, the Spanish Flu killed an estimated 675,000 people in the United States. Are we really taking the position that this disease was ultimately as bad as or (by the time it peters out) WORSE than the Spanish Flu epidemic?

    And yes, I understand that 1918 US population vs 2020 population makes for a different death rate etc. But it’s incumbent upon the people making these claims to prove that 600,000 Americans who died with COVID would otherwise be alive and well sans COVID.

  5. and now it’s the third-largest currency on the planet, according to Deutsche Bank.

    The market cap of Bitcoin is a puny $725 billion despite all the hoopla.

    But since very few owners of Bitcoin actually SPEND it that market cap could triple before the curtain exposes a silly little wizard.

    Long Bitcoin here. ITS BETTER THAN GAMESTOP!

  6. Gee, I remember when “all in” meant you had committed all your actual money. Now apparently it means bloviating gaseous words from a politician. The world is so much better these days.

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  8. not sure whether she supports for Bitcoin. will see

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  11. I was wondering how Senator Lummis was going to explain why she’s “all in” on bitcoin as an “alternative” legal tender in the US, in a mere 20 minutes. She didn’t. What most surprised and disappointed me was that Nick didn’t ask any of the obvious tough questions.

    The senator and Nick spent more time complaining about inflationary fiat money than explaining how bitcoin could be a viable, stable alternative.

    Bitcoin has problems with crazy volatility, and what happens when people lose their passwords? And with crypto currency, how would we deal with serious economic crises? For example, if millions of people are suddenly not working (due to, say, a global pandemic), how would crypto currency help?

    I’m open-minded about crypto currency, but I find it strange that no pro-crypto economist has written a book that addresses all of the obvious, tough questions. The most common argument I hear is that “the government can’t mess with crypto.” Okay, but if we’re talking about currency, I need more than that.

    More than once, the senator mentioned that crypto is a good store of value, but that’s what I’ve heard about precious metals like gold for many decades. Gold is protection against inflation, which is fine for the small minority of people who have the wherewithal to buy plenty of gold so they can survive some future financial apocalypse. So if the senator is hinting that crypto can be the new gold, I’m not impressed.

    Moreover, I’m not sure I should be impressed that the electricity for crypto is 40% renewable. Fans of crypto have to put the power consumption considerations into context. There is also a possibility that we are begging the question: It has to be shown that crypto is useful enough to justify *any* significant power consumption, renewable or not. Don’t just tell us it’s useful or necessary: Make a good case that it is and address all the obvious, tough questions.

    Any fan of crypto who reads my comment, feel free to make a book recommendation that meets my reasonable standards.

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