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- Pro-crypto U.S Senator Cynthia Lummis has advised countries to diversify military spending to Bitcoin.
- Market analysts have split the forecast for Bitcoin price but with a potential long-term rally.
Republican Senator Cynthia Lummis continues to pledge support for Bitcoin (BTC), the flagship cryptocurrency. Recently, she insinuated that the US’s entry into Bitcoin may terrify competing countries such as China and Russia.
Senator Lummis’ Bitcoin Global Adoption Proposal
While speaking in a Bankless interview, Lummis advocated for global Bitcoin acceptance rather than a weapons race.
“Wouldn’t it be fun if the US is buying #Bitcoin and it scares China and Russia so they start buying Bitcoin and we have an arms race over Bitcoin instead of over weapons,” Lummis opined.
The staunch proponent proposed that governments challenge each other with their Bitcoin purchase. She wants countries heavily invested in military facilities to view Bitcoin as a store of value capable of wielding economic downturns.
“Wouldn’t it be fun if the US is buying #Bitcoin and it scares China and Russia so they start buying Bitcoin and we have an arms race over Bitcoin instead of over weapons.” – Senator Lummis 🇺🇸 pic.twitter.com/Ng3au67BVq
— Kevin Williams (@KevinWilliams) January 7, 2025
The Republican senator believes the US purchasing Bitcoin could spur countries like Russia and China to consider similar steps. As a result, these countries can shift their competitive focus to the flagship cryptocurrency rather than on weapons.
Senator Lummis’ global Bitcoin proposal is driven by her belief that the digital asset is a safe store of value. Last year, Lummis pushed for Bitcoin legislation for the US to acquire 1 million Bitcoin units over five years as a strategic reserve asset. She also proposed that the US sell some old gold coupons to buy Bitcoin.
The Senator’s unwavering support for Bitcoin and other cryptocurrencies has served as an inspiration to global policymakers. CNF reported that countries like Germany and Hong Kong are considering creating a Bitcoin strategic reserve.
Japan’s Prime Minister acknowledged Bitcoin’s potential as a hedge during inflation. Similarly, Christian Lindner, leader of the Free Democrats Party (FDP) in Germany, advocated for crypto inclusion in the country’s reserves. As disclosed in another CNF update, Chilean lawmakers have urged the government to integrate Bitcoin into the country’s economic framework.
Current Updates in the Bitcoin Market
The price of Bitcoin is still experiencing a downtrend since it dropped below the $100,000 mark on Tuesday. As of this writing, BTC price was trading at $95,177, down 5.6% in the last 24 hours. Despite this decline, the daily trading volume is up 36.5%, suggesting investors’ renewed interest.
Some market analysts believe BTC is in a consolidating phase. Thus, they expect the leading coin to recover to new all-time highs soon. Rich Dad Poor Dad author Robert Kiyosaki forecasted that Bitcoin could hit $350,000 in 2025.
Arthur Hayes, founder of BitMEX, has also made a bold Bitcoin prediction. Hayes believes BTC could replicate its performance from previous years to reach a local market peak by the end of Q1 2025.
Amid these optimistic forecasts, Binance founder Changpeng Zhao dismissed Bitcoin’s achievement in a playful remark. According to a CNF report, Zhao described Bitcoin’s $100,000 milestone as boring.
