Cynthia Lummis, Crypto Queen Of The U.S. Senate
Reason magazine|October 2021
The Wyoming Republican explains why she’s long on bitcoin.
By Nick Gillespie
Cynthia Lummis, Crypto Queen Of The U.S. Senate

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 {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM REASON MAGAZINEView all
Gimme Shelter  - The U.S. confronts a growing homelessness problem. Does Miami have the answer?
Reason magazine

Gimme Shelter - The U.S. confronts a growing homelessness problem. Does Miami have the answer?

The U.S. confronts a growing homelessness problem. Does Miami have the answer?

time-read
10+ mins  |
July 2024
AI Is Coming for Hollywood's Jobs
Reason magazine

AI Is Coming for Hollywood's Jobs

But so is everyone else.

time-read
10+ mins  |
June 2024
AI Can Do Paperwork Doctors Hate
Reason magazine

AI Can Do Paperwork Doctors Hate

With help from AI, doctors can focus on patients.

time-read
4 mins  |
June 2024
Antitrust May Smother the Power of AI
Reason magazine

Antitrust May Smother the Power of AI

Left alone, AI could actually help small firms compete with tech giants.

time-read
3 mins  |
June 2024
A Brief, Biased History of the Culture Wars
Reason magazine

A Brief, Biased History of the Culture Wars

THE FIRST PAR AGR APH of the book jacket lays it out: “There is a common belief that we live in unprecedented times, that people are too sensitive today, that nobody objected to the actions of actors, comedians, and filmmakers in the past.

time-read
5 mins  |
July 2024
FAMILIES NEED A VIBE SHIFT
Reason magazine

FAMILIES NEED A VIBE SHIFT

THE AUTHORS OF FOUR NEW BOOKSWITH 24 KIDS BETWEEN THEM-SAY THE AMERICAN FAMILY NEEDS A COURSE CORRECTION.

time-read
10+ mins  |
July 2024
"The Past Is There To Teach Us What Can Happen'
Reason magazine

"The Past Is There To Teach Us What Can Happen'

Hardcore History's Dan Carlin on hero worship and moral assumptions in the study of the past

time-read
10+ mins  |
July 2024
Cutting Off Israel
Reason magazine

Cutting Off Israel

ENDING U.S. AID WOULD GIVE WASHINGTON LESS LEVERAGE IN THE MIDDLE EAST. THAT’S WHY IT’S WORTH DOING.

time-read
10+ mins  |
July 2024
WHAT CAUSED THE D.C.CRIME WAVE?
Reason magazine

WHAT CAUSED THE D.C.CRIME WAVE?

GOVERNMENT MISMANAGEMENT, NOT SENTENCING REFORM OR SPARSE SOCIAL SPENDING, DESERVES THE BLAME.

time-read
10+ mins  |
July 2024
States Turn Their Backs on Criminal Justice Reform
Reason magazine

States Turn Their Backs on Criminal Justice Reform

IT WAS IMPOSSIBLE to avoid the “strange bedfellows” cliché when reading about the criminal justice reform movement in the 2010s.

time-read
5 mins  |
July 2024