https://sputnikglobe.com/20211018/godsent-us-senator-praises-the-lord-for-bitcoin-after-lawmakers-approve-debt-ceiling-raise-1089995408.html
Godsent: US Senator Praises the Lord for Bitcoin After Lawmakers Approve Debt Ceiling Raise
Godsent: US Senator Praises the Lord for Bitcoin After Lawmakers Approve Debt Ceiling Raise
Sputnik International
The lawmaker warned of the hazards of poor debt management, saying that Dems and Republicans are all "truly irresponsible" if they fail to act and allow the... 18.10.2021, Sputnik International
2021-10-18T01:06+0000
2021-10-18T01:06+0000
2021-10-18T01:06+0000
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Republican Senator Cynthia Lummis of Wyoming has thanked God for bitcoin, praising the fact that the government has nothing to do with the issue of cryptocurrency.Since 2013, the congresswoman has been a bitcoin holder and has remarked numerous times that bitcoin is a good store of value.She explained that since bitcoin is "not issued by a government, so it is not beholding to the debts that are run up by governments."While politicians were debating whether or not to raise the debt ceiling, Lummis observed that "almost no one is talking about the debt" itself. According to Lummis, citing the Congressional Budget Office's prediction in February that the national debt will surpass the country's GDP this year, the debt ceiling increase that is being proposed is being done "so more spending can occur without addressing our debt-to-GDP ratio."The senator added that if the US was going "to let the dollar decline, having the lessons of history in front of us, and failing to act, we are truly irresponsible.”The Senate passed a bill on October 7 to help the US avoid defaulting on its debt in the coming weeks. The agreement allows for a $480 billion hike — enough to pay obligations through December 3, according to the Treasury Department.
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us senate, wyoming, us, bitcoin, debt ceiling, debt, us debt, viral, crypto
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Godsent: US Senator Praises the Lord for Bitcoin After Lawmakers Approve Debt Ceiling Raise
Kirill Kurevlev
Managing Editor
The lawmaker warned of the hazards of poor debt management, saying that Dems and Republicans are all "truly irresponsible" if they fail to act and allow the dollar to depreciate. In that case, however, bitcoin could become an alternative.
Republican Senator Cynthia Lummis of Wyoming has thanked God for bitcoin, praising the fact that the government has nothing to do with the issue of cryptocurrency.
Since 2013, the congresswoman
has been a bitcoin holder and has remarked numerous times that bitcoin is a
good store of value.
"Thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own. That is an indictment of our responsibility … to address this looming, predictable, massive issue," Lummis said in her speech to the Senate on raising the US debt ceiling.
She explained that since bitcoin is "not issued by a government, so it is not beholding to the debts that are run up by governments."
While politicians were debating whether or not to raise the debt ceiling, Lummis observed that "almost no one is talking about the debt" itself.
“We are getting closer to $30 trillion. Certainly, if the spending that is being entertained by the majority party and the Biden administration passes, it will be over $30 trillion,” Lummis warned. "Countries have historically tended to decline once the debt surpassed their gross domestic product."
According to Lummis, citing the Congressional Budget Office's prediction in February that the national debt
will surpass the country's GDP this year, the debt ceiling increase that is being proposed is being done "so more spending can occur without addressing our debt-to-GDP ratio."
"We cannot go on like this. It is irresponsible at the deepest levels," she stressed.
The senator added that if the US was going "to let the dollar decline, having the lessons of history in front of us, and failing to act, we are truly irresponsible.”
"In the event that contingency occurs, I want to make sure that non-fiat currencies, not issued by governments, not beholden to political elections can grow, allow people to save, and be there in the event that we fail at what we know we have to do," Lummis claimed.
24 September 2021, 16:18 GMT
The Senate passed a bill on October 7 to help the US avoid defaulting on its debt in the coming weeks. The agreement allows for a $480 billion hike —
enough to pay obligations through December 3, according to the Treasury Department.
