Renowned economist Justin Wolfers scoffed at pro-Bitcoin Senator Cynthia Lummis‘ (R-Wyo.) point of view that adding Bitcoin BTC/USD as a strategic reserve would cut down inflation and national debt.
What Happened: On Monday, Wolfers, who is also a professor at the Ford School of Public Policy at the University of Michigan, mocked Lummis’ advocacy as ‘one of the most amazing word salads’ that he’s ever read, noting a lack of logical connection between the phrases.
In a July 28 X post, Senator Lummis highlighted the double whammy of soaring inflation and rising national debt in the U.S., and how diversifying into Bitcoin could be a solution for all the problems.
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Why It Matters: Wolfers’ critique comes at a time when cryptocurrency is becoming a significant point of discussion in the political sphere.
Former President Donald Trump’s proposal to establish a strategic national cryptocurrency stockpile at a recent Bitcoin Conference has been met with mixed reactions, with some seeing it as a strategic move and others, like economist Peter Schiff questioning the logic behind the strategy.
As for Wolfers, this is not the first time that he has ridiculed Lummis for her pro-Bitcoin statements. A known critic, he jabbed the Republican senator earlier after she called for Federal Reserve to hold Bitcoin on its balance sheet. Wolfers termed the proposal as “inane political posturing” and “self-serving nonsense” from a legislator who holds Bitcoin.
Price Action: At the time of writing, Bitcoin was trading at $66,601.43, plummeting 4% in the last 24 hours, according to data from Benzinga Pro.
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