Young Americans are increasingly showing interest in Bitcoin as a valid alternative currency to fiat money, a fact that Senator Cynthia Lummis noted in her recent tweet. She attributes this surge in interest to the blank-check style of spending of the US federal government that has eroded the gold standard and coupled with the development of the internet. A CNBC survey from November showed 10% of Americans revealing government spending as their largest financial concern, making it evident that this is more than just a trend within the US.

The US government, which gave a bailout plan to Silicon Valley Bank last March, has been writing large checks with no limitations, leading to a situation where people are looking for alternative forms of currency they can trust, along with Bitcoin and other cryptocurrency arising as viable options. Aside from the development of the internet that has made it easier for people to access information and trade crypto, the complete erosion of the gold standard has further stirred up the crypto industry.

The senator, who is aptly called the “Crypto Queen”, is one of the earliest Bitcoin adopters in the US Congress, and has continued championing favorable narratives for the crypto industry. Senator Lummis and Senator Kirsten Gillibrand introduced a bipartisan bill last June to help create better crypto regulations in the US. The bill, in its current structure, will soon be entering its second cycle in Congress for deliberation.

It is clear that the US government has created an ecosystem that has endorsed Bitcoin and other cryptocurrencies as attractive financial instruments for US citizens. With a comprehensive regulatory framework expected to be in place, the future of the crypto industry in the US looks increasingly promising.



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