Why this incoming U.S. Senator just shilled Bitcoin to millions on national TV
The adoption of Bitcoin is taking place at an extremely rapid pace.
While the jury is still out on how a likely Biden presidency will affect the cryptocurrency space, soon, there will be one of this industry’s own sitting in one of the highest seats in U.S. politics.
Incoming Wyoming Senator (Senator-Elect) Cynthia Lummis recently took to Fox News and ABC News to talk about her policies, which include pushing for the adoption of Bitcoin.
Cynthia Lummis talks Bitcoin on national TV… twice
Lummis recently made an appearance on Fox News to discuss her being elected.
When asked about her top priorities for her time as a Senator in Washington, D.C., she surprisingly answered with Bitcoin:
“I also plan to explain to my colleagues about #Bitcoin. […] I want to make sure everybody understands that this is a great store of value.”
She explained in an interview with ABC News days earlier that she thinks the cryptocurrency is a viable store of value on part with gold.
Lummis remarked that she thinks the U.S. dollar is not a good long-term investment because it is being inflated away. Bitcoin, on the other hand, has a scarce and provable supply due to the implementation of halvings.
Fox News: "What do you plan on doing? What are your top priorities?"
— Michael Goldstein (@bitstein) November 17, 2020
Not the only bull on the U.S. hill
She’s far from the only bull that will be sitting in a high position in U.S. politics
The incoming Biden Adminstration tapped former CFTC chairman and MIT professor Gary Gensler to be an advisor on Wall Street and financial regulation. Gensler was recently confirmed to have accepted this position.
This is important because Gensler is an active Bitcoin and crypto-asset proponent, having worked with MIT’s Digital Currency Initiative, along with publishing op-eds explaining how innovative the technology is.
The soon-to-be head of the Comptroller of the Currency, which regulates banking institutions, is also a Bitcoin bull, as is the current chairman of the CFTC.
Adding to this, Jay Clayton recently stepped down as the head of the SEC. While Clayton did say some good things about Bitcoin, he was infamous for seemingly spearheading attempts to stop a Bitcoin exchange-traded fund proposal from passing.
Billionaires getting involved in Bitcoin
Adding to all this, we’re seeing a growing number of billionaires getting involved in BTC.
David Puell, a crypto-asset on-chain analyst, recently wrote that a Mexican billionaire just put a large amount of his liquid investment capital into Bitcoin:
“Mexico’s third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position.”
Mexico's third richest man, owner of a media conglomerate, a bank, with the ear of the Mexican President, just disclosed his 10% BTC position, shilling @saifedean's "The Bitcoin Standard" in the process.
"Bitcoin protects the common citizen against government expropriation." https://t.co/DEAUcuxFki
— David Puell (@kenoshaking) November 18, 2020
He refers to Ricardo Salinas Pliego, who announced on Twitter today that he has put 10 percent of his liquid investment portfolio into the coin as he sees it as a hedge against over encroaching governments.
This comes shortly after Stan Druckenmiller, a billionaire Wall Street investor, announced his BTC holdings.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.41% over the past 24 hours. BTC has a market capitalization of $336.91 billion with a 24-hour trading volume of $52.63 billion. Learn more about BTC ›
At the time of press, the global cryptocurrency market is valued at at $505.9 billion with a 24-hour volume of $188.2 billion. Bitcoin dominance is currently at 66.60%. Learn more ›