When US President Joe Biden signed a bill to increase the government’s debt limit to $28.9 trillion, Senator Cynthia Loomis said Bitcoin (BTC) is a blessing from God.

Senator Lamis delivered a speech in the Senate on Thursday, presenting his vision for how digital currencies such as bitcoin can help countries like the United States deal with the looming crisis when the country runs out of money.

Loomis said one of the reasons she is so interested in paperless digital currencies like bitcoin is that they are not issued by the government, and therefore are not tied to debt that has been “accumulated by governments” like the United States. States.

According to Mays, since cryptocurrencies are not tied to governments and political choices, they must grow and exist so that people can save in the event of a government bankruptcy:

“Time and time again, the heads of both sides have irresponsibly increased liability with no plans to eliminate it. So thank God for Bitcoin and another fiat currency that outperforms the irresponsibility of governments, including ours.”

US President Biden formally signed a temporary increase in the government’s borrowing limit on Thursday, pushing the record deadline to December only. The legislation would extend the debt ceiling by $480 billion from the current $28.4 trillion government debt.

On the subject: The US lawmaker is deeply concerned about the Treasury’s response to cryptocurrencies.

Lummis has become one of the most ardent proponents of Bitcoin in the US Senate. The senator is known for amassing large amounts of Bitcoin, one of her most recent purchases for between $50,000 and $100,000.

In February, Lammis launched the Financial Innovation Forum to educate other lawmakers about Bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known for joining a laser flash group on Twitter earlier this year, and he expects Bitcoin to reach $100,000 by the end of 2021.

Source: CoinTelegraph

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