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Federals laws on bitcoin and other cryptocurrencies are not likely to come in the next couple of years. This according to U.S. Senator Cynthia Lummis of Wyoming.
Lummis was interviewed by MarketWatch and called Bitcoin a solid store of value that is currently at the center of mainstream attention
Backing up her claim, the senator referred to Coinbase’s recent direct listing at Nasdaq and also touched on Tesla’s decision to purchase $1.5 billion to put on its balance sheets.
“We’re seeing it come into the mainstream. You’re seeing people like Elon Musk (Tesla CEO) make big investments in Bitcoin. You saw Coinbase just today go public and have a valuation that is just dumbfounding” Lummis said
And so it is going mainstream and that’s because everybody from [Goldman Sachs CEO] Jamie Dimon, who used to criticize Bitcoin, is looking at making an investment in Bitcoin because I think they finally understand why Bitcoin is a good solid store of value,” the senator added.
According to the senator, Bitcoin’s hard cap together with its fundamental principles are what constitute to its profound power as a store of wealth.
“There’s only going to be 21 million Bitcoin ever created. And so you’ve got an automatic finite supply. And there are many guarantees about the manner in which Bitcoin is mined, rolled out, and can be held, that there are assurances that these values are going to hold up. And it’s going to hold up over the test of time.”
The senator then called Bitcoin a “great equalizer” which can serve against the debasement of currencies.
“So, I would say to the guy who’s outside of this building washing the windows. ‘Hang on to that Bitcoin.’ Buy it. Hold it. And when you hold it, it’ll be there when you retire. Who knows how many US dollars will have been printed by the time that gentleman retires?”
Lummis also pointed to fact that Bitcoin can indiscriminately be held by both retail investors of all sizes and institutional investors.