- Bitcoin was recently promoted on national television by the incoming Wyoming senator Cynthia Lummis.
- Lummis is also a fan of Bitcoin.
- When commenting on the cryptocurrency in a recent interview with Good Morning America on ABC News, she said that she thinks the cryptocurrency is a viable store of value.
Bitcoin Promoted on National TV By To-Be Senator of Wyoming
Bitcoin was recently promoted on national television by the incoming Wyoming senator Cynthia Lummis. She is the first woman to have been elected to this position.
Lummis is also a fan of Bitcoin. When commenting on the cryptocurrency in a recent interview with Good Morning America on ABC News, she said that she thinks the cryptocurrency is a viable store of value. She went on to highlight how the cryptocurrency is extremely resistant to inflation, relative to the U.S. dollar. She did not comment on any price targets or anything beyond that, but noted that she does own the cryptocurrency.
— Peter McCormack (@PeterMcCormack) November 14, 2020
Better Than Gold?
While the incoming Senator did not discuss her thoughts on Bitcoin relative to gold, there are a growing number of individuals that think the precious metal is inferior to gold.
For one, Raoul Pal, CEO of Real Vision and a hedge fund manager that worked for Goldman Sachs, said that he thinks all assets are inferior to Bitcoin at the moment. He cites macroeconomic trends that suggest the cryptocurrency will appreciate rapidly against all assets in the near future.
Pal thinks that Bitcoin could hit $1,000,000 in the years ahead as institutional money from all over the world enters the space. Pal has also said that he thinks Bitcoin will be adopted as a way out of the central bank digital currency systems currently being floated around the globe.
This analysis has been echoed by Stanley Druckenmiller, one of the world’s best asset managers. Druckenmiller recently said on CNBC that he thinks Bitcoin could perform extremely well in the coming years, even better than gold.
He said that he thinks there is a “lot of attraction” in the cryptocurrency from the West Coast investors and millennials. He is seemingly referring to Silicon Valley, which is more infatuated with cryptocurrency than investors on Wall Street.
This is changing, of course, as investors like himself enter the cryptocurrency space.
Some have gone as far as to say that Bitcoin could actually eclipse gold this cycle, which would mean a rally past $400,000.
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