Key Takeaways
- Sen. Cynthia Lummis told Fox News she saves Bitcoin and spends dollars.
- She cited inflation and Bitcoin's fixed supply as reasons for her strategy.
- Lummis' stance aligns with Gresham's Law on currency circulation.
While attending Bitcoin Investors Week in New York City, Sen. Cynthia Lummis (R-WY) visited the Bitcoin-themed PubKey bar.
However, when asked by Fox News host Maria Bartiromo why she paid in cash instead of Bitcoin, Lummis responded:
I spend dollars and save Bitcoin. Bitcoin is an asset that’s growing in value.
Inflationary policies
Lummis elaborated on her reasoning, citing the U.S. Federal Reserve’s inflationary policies:
The U.S. dollar is always declining by design. The Fed tries to keep inflation at 2%, but they can’t. Meanwhile, Bitcoin is scarce—only 21 million will ever exist.
Gresham’s Law
Her explanation aligns with Gresham’s Law, which suggests that people hoard stronger currencies and spend weaker ones.
Lummis, a long-time Bitcoin holder since 2013, previously disclosed owning five BTC and making additional purchases over time.
Strategic approach
Unlike former President Donald Trump, who used Bitcoin to buy drinks during his own PubKey visit in 2023, Lummis has taken a more strategic approach.
She has also discussed the idea of a Bitcoin reserve bill, advocating for Bitcoin’s long-term stability and value appreciation.
