Bitcoin Proponent Cynthia Lummis Wins Wyoming Senate Election

Cynthia Lummis

The 2020 U.S. general election is looking good for the crypto community, as a bitcoiner has won the senate seat in Wyoming.

Cynthia Lummis became the first woman to win the Wyoming senate seat, defeating her Democratic contender, Merav Ben-David, with a wide margin.

Of the total votes registered, Lummis polled 197,961 votes accounting for 73.1% of the ballots while  Ben-Davidrecorded 72,720 votes representing 26.9% of the total votes.

Lummis has been a seasoned political figure in Wyoming and has served in the state’s legislature. She was the sole representative of the state in the U.S. House for eight years from 2009 to 2017.

An early Bitcoiner

Cynthia Lummis is an early adopter of bitcoin (BTC). She first bought the cryptocurrency in 2013 after her son-in-law and his friends enlightened her of bitcoin’s potential as a store of value.

When she made the purchase, Lummis stated that the asset was worth about $320. She has been an advocate of BTC, watching its value increase over time due to its scarcity feature as it was initially designed.

Lummis stated that she is impressed with BTC’s performance over the years, as she has always sought an asset that can be used as a store of value.

Money printer goes brrr

The senator-elect, who called herself a budget, debt, and deficit hawk, disagrees with the United States’ move of printing more banknotes to cushion its scarcity problem.

She hinted that the country should adopt a more effective payment solution as recent events like the coronavirus (COVID-19) pandemic has seen the demand for fiats decline significantly.

Lummis added that she does not believe that a Central Bank Digital Currency (CBDC) stand a chance against a scarce asset like BTC.

“As long as a dollar-based digital currency is backed by the full faith and credit of the U.S., as opposed to something more scarce, then I don’t think it can add value,” she said.

With Cynthia Lummis’ victory at the senate, there is a tendency that we would see a shift from the stringent regulatory policies to a more friendly rule for the industry. 

Interestingly, she wins a seat in a US State that is Bitcoin-pro. Last month, Wyoming approved Kraken’s request for banking operations, thus making the exchange the first SPDI crypto bank in the state. 

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Market Analysis
Liked Reading? Share with Friends