The United States is currently seeing both current and former government officials show great support for Bitcoin. Recently, a US Senator-elect, Cynthia Lummis, stated that she hopes to bring Bitcoin into the national conversation. Lummis explained that her former position as state treasurer has helped her appreciate Bitcoin as a value store compared to the dollar. In an interview last month, Lummis explained the risks in the current financial systems stating that:
“I have long worried about the Federal Reserve’s program of quantitative easing and the amount of debt on which our nation’s economy’s future rests.”
In last week’s interview, she further explained:
“I do hope to bring bitcoin into the national conversation. I’m a former state treasurer, and I invested our state’s permanent funds. I was always looking for a good store of value, and bitcoin fits that bill.” She added: “Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it’s a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”
Lummis began her crypto journey back in 2013 after purchasing BTC when it was slightly over $300. She explained that her move to buy Bitcoin was because she believes in the economic power of scarcity and the potential for Bitcoin to address some of the manipulations in the current financial systems.
Last year, Kevin McCarthy, House Minority Leader, told reporters that he “liked bitcoin” and the blockchain ledger technology’s security. Another, Reo, Darren Soto, showed support for blockchain and its technologies when he announced he was accepting crypto donations for his campaign. Soto has been a big crypto advocate and has sponsored several legislative proposals around blockchain.
Former White House Communications Director Anthony Scaramucci, through his investment firm SkyBridge Capital, has indicated in a pair of filings that the fund may hold long and short positions in digital assets.
Top financial analysts and business gurus like Michael Saylor, Yassine Elmandjra, and Jack Dorsey agree. Tom Fitzpatrick, Managing Director at Citibank, said last week that “Bitcoin is the new Gold” that could hit USD 318,000 by December 2021.
Since 2019, Congress has brought about 40 blockchain and crypto bills. Of the 40 bills introduced, two have become law while 11 have passed the House of Representatives. The two laws reportedly form part of much larger bills involving the appropriations process.
BTC prices this week
Bitcoin is on the verge of hitting its all-time high ($ 20,000) after it breached the $18000 mark earlier this week. Within days Bitcoin managed to rally from $15000 to $ 18000 for the first time since December 2017. Nicholas Pelecanos, Head of Trading at NEM, explained:
“We are currently witnessing extremely bullish price action in BTC. Driven by a mix of market structure and strong fundamentals, BTC could now be within days of reaching it’s all-time high [of USD 20,000],”
The anticipation of further gains remains strong as many celebrate the Bitcoin bullish trend. Bitcoin at the national level is also worth anticipating in the nearest future.