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‘Bitcoin Is A Blessing’, – Cynthia Lummis On The US Debt Ceiling Increase

Senator Cynthia Lummis remarked that Bitcoin (BTC) is a great blessing amid President Joe Biden’s approval of a bill to expand the government’s debt ceiling to $28.9 trillion. President Biden signed legislation to raise the government’s debt ceiling to $28.9 trillion, adding $480 billion. 

Senator Lummis delivered a speech to the Senate on Thursday, in which she discussed how virtual currencies such as Bitcoin might assist countries such as the United States in addressing the approaching issue that would occur when the government runs out of currency. As for why she became fascinated with non-fiat digital currencies such as Bitcoin, Lummis stated that one of the reasons she became involved in them was because they were not set up by the state and hence weren’t subject to the obligations that authorities such as the United States had “built up.”

Lummis asserted that because virtual currencies are not tied to authorities or political election results, they could perhaps continue to grow and be available, enabling citizens to save if governments collapse. “Leaders of both sides have run up the national debt frivolously, with no strategy to fix it, ” she said. So thank God for Bitcoin as well as other non-fiat currencies that are immune to the recklessness of authorities, even our own.” -Michael Saylor, @saylor, October 15, 2021 on Twitter.

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Increasing The Debt Ceiling

On Thursday, Vice President Biden formally passed legislation momentarily boosting the state’s debt cap, thereby delaying the deadline for defaulting on public debt till the end of December. The Act would raise the debt limit by $480 billion, bringing the total government deficit to $28.4 trillion. Lummis has established herself as one of the most outspoken proponents of Bitcoin in the United States Senate. The senator is well-known for amassing large sums of cryptocurrency, with one of her most recent acquisitions valued between $50,000 and $100,000, according to public records.

Lummis established the Financial Innovation Caucus in February to educate fellow legislators about Bitcoin and other cryptocurrencies, according to the Washington Post. On top of that, the pro-Bitcoin lawmaker is known for participating in a laser-eye flash mob on Twitter earlier this year, in which she predicted that Bitcoin would hit $100,000 by the end of 2021.

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Republicans and Democrats On Debt Ceiling Raise

The Treasury calculated it would run out of cash to pay the state’s debts on Oct. 18 without a debt limit. Biden’s $480 billion boost in the debt cap is slated to expire on Dec. 3. The Senate adopted the short-term solution last week, and the House did so on Tuesday. Mitch McConnell, the Senate Republican congressman, wrote to Biden just after the vote, stating he would not support another debt ceiling increase.

McConnell urges Democrats to use the compromise, a non-partisan procedure, to increase debt capacity. Democrats have dismissed it as a cap-lifting alternative. Biden’s suggested $3.5 trillion spending plan to increase social services and tackle climate change is blamed by Republicans for extending the debt ceiling. Democrats point out that they supported raising the debt limit throughout Trump’s presidency despite opposing major tax cuts that increased the deficit.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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