Bitcoin vs. Fiat: Lummis Sees Crypto As “Superior” Money Of The Future

Key Points:

• US Senator Cynthia Lummis supports Bitcoin, seeing it as superior to traditional currency and a new form of exchange.
• Markus Thielen from Matrixport predicts Bitcoin will reach $48,000 in the short term following a recent spike.

Bitcoin vs. Fiat: Sen. Lummis supports Bitcoin, highlighting its superiority to fiat money. Bitcoin is predicted to reach $48,000, currently surpassing $45,000.

US Senator Cynthia Lummis has frequently voiced her support for Bitcoin and its potential as a new form of exchange. She asserts that Bitcoin has elements that are superior to traditional fiat money, setting it apart from other forms of currency.

Bitcoin vs. Fiat: Senator Lummis Weighs In

Senator Lummis is a well-known advocate for Bitcoin within Congress. She established the Financial Innovation Caucus, an initiative aimed at educating Senate members about cryptocurrency and its potential implications. The senator regularly speaks out on issues related to digital currencies, contributing to the broader discourse on the future of finance.

In 2021, a document submitted to the Securities and Exchange Commission (SEC) revealed that Senator Cynthia Lummis (R-WY) bought Bitcoin valued between $50,001 and $100,000 on August 16. The price of Bitcoin was over $46,000 on that day.

Readmore: Bitcoin Price Pumps Back Above $45,000!

Bitcoin’s Short-Term Forecast and Recent Breakout

Markus Thielen, head of research at Matrixport and founder of 10x Research, predicts that Bitcoin is headed towards $48,000 in the short term. The prediction follows a breakout fueled by a strong track record of gains around the Chinese New Year celebration.

Bitcoin, the largest cryptocurrency by market capitalization, surged past $45,000 recently after clearing a key resistance level around $44,000. This level had been capping prices since the spot ETFs began trading in the U.S. about four weeks ago.