Cynthia Lummis, an American attorney and senator from the state of Wyoming, recently called attention to the growing interest in Bitcoin (BTC) among young Americans. In a recent tweet, Sen. Lummis opined that this trend is because Bitcoin is “sound money.”
The crypto scene has garnered significant global attention, with global crypto ownership rising to 4.2% this year. The United States largely contributes to this, with 13.22% of Americans, or 44.9 million individuals, possessing crypto, per data from Triple-A. Moreover, 44.49% of crypto owners in the U.S. are between the ages of 18 and 34.
Senator Lummis cited government spending habits, the development of the internet, and the fact that the gold standard has gotten eroded as some factors triggering the surging interest in Bitcoin and crypto. A CNBC survey from November 2022 corroborates this, as 10% of respondents identified government spending as the biggest risk to their finance.
According to Senator Lummis, the federal government has a spending habit that involves writing “blank checks,” calling attention to the fact that the government prints and spends money without limitations. This trend was allegedly demonstrated in the bailout plan for Silicon Valley Bank last March.
(by Albert Brown)
All Comments