The Digital Chamber Mounts Pressure on U.S. Senators to Back Lummis’ Bitcoin Bill

Jimmy Aki
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The Digital Chamber, the world’s leading blockchain and digital asset trade association, has notified all U.S. senators to throw their weight behind the Bitcoin bill introduced by Senator Cynthia Lummis on July 31.

The Digital Chamber Believes the Bitcoin Bill Can Help the U.S. Hedge Against Inflation and Market Volatility

The Digital Chamber is determined to see that the Bitcoin bill (Bitcoin Act of 2024) is approved as it believes it is the solution the United States needs to quench the growing inflation and market volatility brewing in the country.

Wyoming Senator Cynthia Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024) on July 31.

This was after she spoke at the recently concluded Bitcoin 2024 Conference in Nashville, where the Senator called for a “strategic bitcoin reserve” that will reduce the national debt of the United States by buying 1 million bitcoins over the course of five years.

Following this event, the Digital Chamber disclosed that it is issuing an official letter to every serving U.S. senator claiming that the Bitcoin bill aligns with national interests, demonstrates fiscal responsibility, and embraces technological advancements to alleviate economic burdens.

In the letter, The Digital Chamber’s Chief Policy Officer Cody Carbone stated that the bill, if signed into law, can bring about a bitcoin reserve that would serve as an additional store of value to bolster the country’s balance sheet and correct the economic burdens of past financial missteps.

He also went further to state that the reduction in reliance on fiat currencies and reserve diversification “can create a more robust and adaptable financial system that is better equipped to navigate future economic challenges.”

Senator Cynthia Lummis and The Digital Chamber aren’t the only ones clamoring for the integration of Bitcoin into the traditional financial affairs of the country.

Republican presidential candidate Donald Trump Donald declared at the Bitcoin conference that he would create a strategic national Bitcoin stockpile if re-elected. This has generated more support from some U.S. legislators as Senator Hagerty backs Trump’s promise to make the U.S. the crypto capital of the world.

Notably, former President Donald Trump has been perceived as a pro-crypto politician in recent times. He has constantly been expressing his support towards the crypto industry.

In May, Trump urged the U.S. to strive for crypto supremacy as he also started accepting crypto donations for his campaign.

How Bitcoin’s Usage as a Hedge Against Inflation Cn Affect its Price

Bitcoin is often considered “digital gold” due to its deflationary nature and limited supply. Using it as a hedge against inflation will cause an increase in its demand as individuals and institutions purchase large quantities of it to store.

While many crypto enthusiasts see Bitcoin as an excellent asset for protecting funds and investments during inflationary times, a report from Finbold in 2022 stated that Bitcoin´s inflation rate was 1.7%, five times lower than that of the United States dollar (USD), making the asset a strong candidate for surfing inflationary times.

However, traditional institutions and investors must consider the risks associated with using Bitcoin as a store of value. These risks could include regulatory changes, technological vulnerabilities, and market volatility.

Effective risk management strategies, such as proper position sizing and diversification, are essential when incorporating Bitcoin into investment portfolios.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.