The Republican Senator for Wyoming, Cynthia Lummis, has spoken against Hillary Clinton who was quite vocal against cryptocurrencies and their widespread adoption. Senator Lummis believes that Bitcoin is the perfect weapon against the inflation problems that the nation is currently going through.
Senator Lummis lashes out Clinton’s ideology
Hillary Clinton vocally bashed cryptocurrencies in a panel discussion at the Bloomberg New Economy Forum in Singapore. In the discussion, the former Secretary of State claimed that cryptocurrencies have the capability to “destabilize nations.” However, Senator Lummis made a contradictory statement on the matter.
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971,” said Senator Lummis in a tweet.
While currently, we don’t have any idea what the Senator means with the word “stabilizing” since she didn’t provide insight on this. However, it seems that this is related to the U.S. inflation report that authorities released recently. The rates pushed Bitcoin to $69,000, an all-time high for the world’s biggest cryptocurrency.
Inflation is a concern for the entire world
Inflation is not a concern for only Senator Lummis, but banks have also acknowledged their widespread growth. “U.K.’s Consumer Prices Index rose by 4.2% in the 12 months to October, up from 3.1% in September,” CNBC reported. This historical rise in inflation rates has put a dent in the wallets of citizens of the United Kingdom.
The Bank of England expects inflation rates to rise in the near future, as much as 5%. On the other hand, the inflation rates for Canada have also risen by huge numbers. The inflation rate reached 3.7% in the month of October, making history. This is the biggest jump that inflation rates have in the last 19 years.