Sen. Cynthia Lummis (R–Wyo.) might not seem like your typical cryptocurrency owner. She’s 66 and doesn’t have a tech background, but she’s “in it for the distance.”
Bitcoin emerged just a dozen years ago, when a pseudonymous hacker (or group of hackers) shared a nine-page paper on an obscure email list. Today, it’s the third-largest currency on the planet, according to Deutsche Bank. The total stock of bitcoins is capped at 21 million, which means that, unlike most paper money, no central bank has the power to print more of it. That’s one reason Lummis owns the digital currency—as a hedge against hyperinflation.
As they rise in popularity and value, however, cryptocurrencies such as bitcoin are increasingly under fire. The use of fossil fuels for bitcoin “mining” prompted Elon Musk to stop Tesla from accepting bitcoin payments in June. A month earlier, after the Colonial Pipeline suffered a ransomware cyberattack where hackers demanded payment in bitcoin, critics called for bans on the supposedly untraceable cryptocurrencies that they claim are favored by criminals.
But cryptocurrency backers still see the value of the nascent industry—not just as an investment but as a means to greater privacy and faster online transactions. This is especially important in less free economies. As Lummis says, “It provides great freedom to people who are living in hyperinflation or repressive governments.”
This story is from the October 2021 edition of Reason magazine.
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This story is from the October 2021 edition of Reason magazine.
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