US Senator Reveals Why Young Americans are Flocking to Bitcoin
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According to Senator Cynthia Lummis, young Americans are trooping to Bitcoin because it is “sound money” instead of fiat.
Cynthia Lummis, an American attorney and senator from the state of Wyoming, recently called attention to the growing interest in Bitcoin (BTC) among young Americans. In a recent tweet, Sen. Lummis opined that this trend is because Bitcoin is “sound money.”
In my estimation, the reason so many young Americans are into #Bitcoin is because it is #soundmoney. The federal govt’s blank check spending habit, coupled with the complete erosion of the gold standard and the development of the internet, led us here. Inevitable.
— Cynthia Lummis 🦬 (@CynthiaMLummis) April 25, 2023
The crypto scene has garnered significant global attention, with global crypto ownership rising to 4.2% this year. The United States largely contributes to this, with 13.22% of Americans, or 44.9 million individuals, possessing crypto, per data from Triple-A. Moreover, 44.49% of crypto owners in the U.S. are between the ages of 18 and 34.
Senator Lummis cited government spending habits, the development of the internet, and the fact that the gold standard has gotten eroded as some factors triggering the surging interest in Bitcoin and crypto. A CNBC survey from November 2022 corroborates this, as 10% of respondents identified government spending as the biggest risk to their finance.
According to Senator Lummis, the federal government has a spending habit that involves writing “blank checks,” calling attention to the fact that the government prints and spends money without limitations. This trend was allegedly demonstrated in the bailout plan for Silicon Valley Bank last March.
She also pointed 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.
Sen. Lummis implied that these factors have led to a situation where people are looking for alternative forms of currency they can trust. Moreover, the internet has made it easier for people to access information about Bitcoin and to trade it online.
Sen. Lummis Continues to Advocate for Crypto
Commonly called the “Crypto Queen,” Sen. Lummis is one of the earliest Bitcoin adopters in the US Congress and has continued championing favorable narratives for the crypto industry. Last June, the crypto-friendly senator highlighted the limitations of crypto regulations in the US, stressing that the industry is being regulated with “20th-century regulations.”
Sen. Lummis introduced a bipartisan bill with Sen. Kirsten Gillibrand last June to address this by setting up clear regulations that oversee the crypto industry. She further disclosed last month that plans are underway to restructure the bill and bring it back before Congress for deliberations this month.