An unprecedented year, 2020, saw the global economy collapse to offset the difficulties associated with COVID-19. According to elected U.S. Senator Cynthia Loomis (Cynthia Loomis), if the traditional system breaks down, Bitcoin will become vital.
“When we get to the point where we exceed spending and things collapse, the black swan incident is tied to any legal tender – whether it’s our, your, Chinese or Japanese currency – and becomes legal tender In this episode, Loomis told Peter McCormack about the last Bitcoin podcast.
Government action against COVID-19 and media reports increased in March, causing business closings and economic trouble. Since then, there have been problems with economic stimulus and health, which is in line with the government’s mandate for the coronavirus.
Starting from a crypto-friendly country in Wyoming, Lummis hopes to raise awareness of Bitcoin among the US authorities. She said, “I really want to use my time in the US Senate to introduce the bitcoin issue.”
“ The Senate’s understanding of Bitcoin, what it is, what it does and how it becomes an asset that can be used as a catalyst for growth and development, it should basically, along with our fiat currency, allow for a clear path to find and a road – highway. Grow and develop along with our legal tender. ”
Rumis, who owns Bitcoin itself, said that unlike Bitcoin and its stable supply, the U.S. dollar framework inherently contains inflation and therefore inevitably depreciates. She said, “I’m a liar.” “I buy.” She added, “I never sold.”
In a tough year, US Treasuries rose sharply in 2020 and were over $ 27 trillion at the time Loomis was issued. She said, “I know that the United States has no deleveraging strategy or plan.” “When I came to Congress in January 2009, we had just transferred $ 10 trillion out of $ 9 trillion in debt.
Government agencies in the United States have funded a lot this year related to COVID-19 and have also printed a lot of cash. Loomis pointed out that negotiations are currently ongoing for more spending related to the pandemic, which shows that Bitcoin is a possible solution.
Loomis said that not only does the United States need to settle debt, but “just in case, just in case we fail, and I see another way like Bitcoin”.