US Senator Cynthia Lummis wants to take advantage of the falling price of BTC to buy some.
BTC fundamentals as good as stocks
The drop in the price of Bitcoin is exciting both its detractors, who are taking advantage of it to come up with the old “Bitcoin is a scam” formula, and its supporters, who see the drop as a golden opportunity to buy Bitcoin at a lower price. When asked about the drop in Bitcoin’s price in a June 23, 2021 interview on Fox News, Wyoming’s U.S. Senator Cynthia Lummis said she was “really excited about it because as soon as it drops a little bit more, I’m going to buy more.”
The drop in BTC’s price reminds Lummis of her investments in her favorite stocks, United Rentals. Their price had collapsed after she bought them, she kept them anyway. Their performance “over the years” ultimately satisfied the cryptophile senator. Lummis has a similar view of Bitcoin because “the fundamentals are good.”
Lummis and Suarez are Bitcoin fans
The Wyoming senator is a strong Bitcoin advocate. She launched the Financial innovation caucus earlier this year to educate her fellow lawmakers about Bitcoin and other cryptocurrencies. Part of the caucus’ goal is to combat preconceived notions that cryptocurrencies are largely linked to money laundering and other financial crimes or misdemeanors. And the senator has her work cut out for her to clear the image of Bitcoin and cryptocurrencies in general, an image sullied by current hackers and the dark side of Silk Road.
Lummis also attended the Bitcoin 2021 conference in Miami, where she discussed the importance of encouraging innovation in cryptocurrencies.
Cynthia Lummis is not the only US political figure to have expressed her intention to take advantage of BTC price drops to buy some. Miami Mayor Francis Suarez announced in a CNBC interview on June 3, 2021, that he wanted to buy the dips, even though he didn’t do so during the recent crash.
Bitcoin is coming off its worst quarter in years. What are we to make of this? Is this really the end of the bullish rally? Will Bitcoin show its resilience in the new quarter that will soon begin?