At the recent Bitcoin Conference, US Senator Cynthia Lummis said, “Bitcoin is saving lives” in her speech. She talked about a lot of aspects of Bitcoin and how it is helping people preserve their wealth. If you are not from a third-world country, the volatility of BTC might baffle you. However, those who live in countries like Venezuela, Zimbabwe, Lebanon, and similar high inflation nations have sought refuge in Bitcoin.
Cynthia Lummis’s Bitcoin speech
After talking about how Bitcoin is being used by people in high inflation nations to preserve their wealth, she talked about cross-border remittances. There are many people who are working outside their home country and need to send money back to their families. With Bitcoin, such cross-border remittances can be faster and cheaper as compared to fiat currencies. An example of this is US working citizens sending money to their families in other countries like El Salvador.
"#Bitcoin is saving lives," says Senator @CynthiaMLummis in a moving speech at @TheBitcoinConf conference. pic.twitter.com/KxVRTWKh0A
— Documenting ₿itcoin 📄 (@DocumentingBTC) April 9, 2022
She also gave the example of a Ukraine man who received $10 million in aid in Bitcoin. Now imagine receiving the same in fiat through a bank. The fees, the complexity, and the time required would have been massive. Many lives are beings saved in Ukraine during this war due to Bitcoin. It does have the ability to save and reshape lives.
Cynthia Lummis also addressed how authorities were worried that BTC would be used in the wrong places or Russia might use it to evade sanctions. However, the views changed in recent times. And for congress members, it has now become essential to learn about Bitcoin. They have been avoiding it for a long time but no more.
Replies on Twitter
A lot of users replied to the tweet, asking that can Cynthia even name 1 life that Bitcoin has saved. And to answer the same, I would like to point out a few things. People in Venezuela who are suffering from hyper-inflation know the true benefit of Bitcoin. They are no longer having to watch their money getting devalued by the day. Families are able to receive money from their loved ones working in other countries without having to pay any significant commission, and that too instantly. Even though it’s difficult to point out a single case per se, I am sure there are bound to be thousands of people whose livelihoods were saved by Bitcoin.
What are your thoughts as US Senator Cynthia Lummis says, “Bitcoin is saving lives”? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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