Elon Musk’s Bitcoin Energy Thesis Cited By Cynthia Lummis To Back Strategic Reserve, While Pierre Farragu Hails It As BTC’s Most ‘Compelling’ Argument

Sen. Cynthia Lummis (R-Wyo.) referenced Elon Musk’s argument on Bitcoin’s (CRYPTO: BTC) energy model on Tuesday to build a case for a strategic reserve of the cryptocurrency

Lummis Supports Musk’s Thesis

Lummis lent support to Musk’s statement that “Bitcoin is based on energy” and, unlike fiat currencies, governments cannot “fake” energy by printing it.

“Add this to the reasons why a Strategic Bitcoin Reserve is the wisest thing we can do to shore up USD,” Lummis said. She argued that such a reserve could address U.S. debt problems with a “hard” asset that can be audited at any time.

“Given its scarcity, we can also use it in 20+ yrs to retire a meaningful % of US debt,” Lummis added.

Full story available on Benzinga.com