Bitcoin's long-term growth 'far exceeds' the US dollar: Sen. Lummis [fDcVbok1NR]

2025-01-02T03:22:21-0600

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While Federal Reserve Chair Jerome Powell was adamant that the central bank could not own bitcoin (BTC-USD), Senator Cynthia Lummis (R-WY) believes 2025 is shaping up to be "the year for bitcoin & digital assets" in a social media post from earlier this week. Senator Lummis — who has championed the bipartisan Lummis-Gillibrand Responsible Financial Innovation Act (RFIA) alongside Democratic Senator Kirsten Gillibrand (D-NY) — has been a vocal supporter of President-elect Donald Trump's choice of David Sacks as the incoming administration's "AI and crypto czar" and what it represents for the crypto space. Senator Lummis sits down with Seana Smith and Madison Mills on Catalysts to discuss the outlook of a US strategic bitcoin reserve, calling the landmark cryptocurrency "the right asset" and "digital gold" for being a finite resource. "Only 21 million bitcoin will ever be mined. And it has the elements of strength. And even though it's slightly volatile, it's always volatile in an upward-leaning direction. And so the goal here of holding it for 20 years is in recognition that on the short term, there is short-term volatility. On the long term, there is long term growth that far exceeds the ability of the US dollar to keep up." Bitwise Asset Management CIO Matt Hougan told Yahoo Finance this week that a US investment into a strategic bitcoin reserve could propel the cryptocurrency's price to $500,000. "The US dollar is designed to debase. The Fed has a goal of 2% per year inflation, whereas bitcoin's goal is to far, far exceed in value inflation and far exceed the value of the US dollar," Sen. Lummis explains. "And so far from inception, it has done exactly that. It's grown about 55% per year. And if you look at the long term, over time, it'll drop from 55% a year to 45% a year to 35% a year. But it will continue to grow where the US dollar will continue to decline in value." Catch Yahoo Finance's full interview with Senator Kirsten Gillibrand (D-NY), where the lawmaker speaks more about the crypto regulation bill and Trump's choice Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). #bitcoin #stocks #crypto About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance