According to US Senator Cynthia Lummis, young Americans are turning to the cryptocurrency market, especially ‘digital gold’, rather than the dollar.
Cynthia Lummis explains why young Americans are flocking to cryptocurrencies
Cynthia Lummis, an American lawyer and senator from the state of Wyoming, recently highlighted the growing interest in cryptocurrencies among young Americans. In a recent tweet, he stated that this trend is due to Bitcoin being “sound money”.
The term “sound money” refers to a type of currency that serves as a reliable store of value over time, where the supply, and therefore value, is difficult to dilute in new units. The term “ultrasound money” for Ethereum is an Ethereum meme that focuses on the drop in ETH supply.
https://twitter.com/CynthiaMLummis/status/1650923099116666881
The crypto scene has garnered significant global attention, with global investors rising to 4.2% this year. According to data from Triple-A, 13.22% of Americans, or 44.9 million people, own crypto. Also, 44.49% of crypto holders in the US are between the ages of 18 and 34.
‘The reason American’s interest in Bitcoin’, according to Lummis
According to Senator Lummis, the federal government has a spending habit that includes writing “blank checks.” This reveals the fact that the government prints and spends unlimited money. This trend was evident in the bailout plan for Silicon Valley Bank last March.
He also points out that the gold standard has eroded, meaning that paper money is no longer backed by gold but by the government’s promise to honor its value. Senator Lummis implied that these factors are driving people towards alternative forms of currency they can trust. Also, the internet makes it easy for people to access information about Bitcoin and trade online.
Cynthia Lummis continues to advocate for cryptocurrencies
Referred to as the “Queen of Crypto,” Senator Lummis was one of the first to adopt Bitcoin in the US Congress. She also continues to advocate for positive narratives for the crypto industry, she said. Last June, she highlighted the limitations of crypto regulations in the US, she said. The “20th Anniversary” of the market. century regulations” she underlined.
Senator Lummis presented clear regulations overseeing the crypto industry with Senator Kirsten Gillibrand last June. It also passed a bipartisan bill for regulations. However, last month he also announced plans to restructure the bill and bring it back to Congress for discussion this month.
As we quoted as Kriptokoin.com, Lummis’s views on Ethereum are completely different. The US Senator claims that Ethereum is a security. In his statements last October, he stated that Bitcoin is the only cryptocurrency that cannot be considered a commodity.
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