For the third day of the Bitcoin 2022 conference , US Senator Cynthia Lummis participated in a panel dedicated to BTC adoption. In her presentation, she highlighted her position in support of a legal environment that allows the inclusion of cryptocurrency as a «duly regulated» value.
Cynthia Marie Lummis Wiederspahn is an American politician and lawyer. She is the current «junior» senator for the state of Wyoming. She is the first woman to represent that town in the Senate.
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Bitcoin needs to be studied more!
In the panel presentation, the senator highlighted her intention to bring knowledge about cryptocurrencies to the traditional government environment. She said that, coming to the Senate, she had in mind the fact that the crypto world is not fully recognized in Washington. Based on that, she says that she tries to familiarize the blockchain environment with traditional politics.
For this purpose, Cynthia Lummis clarified that she has developed «information sessions» on BTC, in which she explains the situation to other officials. In this way, she seeks to «water» the data regarding a possible integration of cryptocurrencies into a functional legal field.
Interaction of cryptos with the regulatory framework
Another aspect that stood out was the perception that the regulatory bodies of the economy would have about the arrival of Bitcoin. He commented that he is working on a «sandbox» or «sandbox» of a legal nature, where cryptocurrencies would have their space within the US economy.
He added that he seeks to form a continuous interaction between the crypto landscape and regulators. Such is the case with the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
Cynthia Lummis considers that BTC could be a more «relevant» asset at an institutional level, declaring it within the commodity conglomerate.
On the other hand, he added that, in favor of a «serious» regulatory framework, his regulatory agenda takes into account «privacy components.» This, including taxes and the «privacy» of citizens.
Blockchain advocacy for everyone
In addition to a consistent regulatory framework, the senator spoke about the use of blockchain technology in different parts of the world. She said that even «bad people» use Bitcoin as a method of storing value.
He referred to the irregular situation in the political sphere that Venezuela is experiencing. He mentioned that the Latin American country uses cryptocurrencies as part of its finances to «sustain» the economy. In a similar way, he mentioned the sending of remittances in El Salvador.
“Through Bitcoin, people are sending money from the United States to El Salvador. This is faster, easier and safer than traditional money », he said.
He also used this scenario to refer to the strategic moves that Russia is currently exercising. He believes that the power has entered the world of cryptocurrencies to “evade” Western sanctions on the ruble.
What about the «digital dollar»?
Although cryptocurrencies have advanced by leaps and bounds in the last year, government financial entities have in mind to create their own version of the crypto ecosystem. The digital dollar has been planned by the Federal Reserve for several years. However, it is a project that has not yet been completed.
Faced with this situation, Cynthia Lummis commented that her goal will be to bring digital assets to the population, overcoming the current obstacles. She considers these types of assets as «stablecoins», which must be delivered to citizens without going through so many «filters» or «controls».
Mike Novogratz visualizes a more optimistic Bitcoin this 2022
Taking a more optimistic stance for the coming months, Mike Novogratz (CEO of Galaxy Digital) sees Bitcoin outperforming current levels. This, based on the series of events that have recently unbalanced the international economy.
War tension from Russia, fears of inflation and sluggish steps in restoring the supply chain are key in this scenario.
Improved outlook on BTC
Despite already expecting relatively positive returns in the crypto market, he extended his forecast on Bitcoin growth. The representative of the financial services firm points to the crypto landscape with an improved perspective, taking into account the latest international developments.
He clarified that he expected a steady swing from $30K to $50K, alluding to the coin’s attempts to recover from the latest crash. However, he believes that the possibility of finding higher yields is more «credible» now.
imbalance in the markets
For the new estimate, Mike Novogratz put together several factors that would influence the appreciation of Bitcoin in the markets. The instabilities in other values, together with the international obstacles in the supply chains, create a scenario of uncertainty that alters the decisions of investors.
In this way, the relevance of Bitcoin would represent a point of interest for operators. They look for an asset to enter with more optimism in the face of fears. He sees Bitcoin as an opportunity, which more and more buyers have in mind when looking for benefits.
His opinion is based on the progress that the crypto sector has made. This, with a development that allowed a greater adoption of it in the economy. He says that the appeal that BTC generates attracts the attention of “new people”, complementing it with “innovation in Web3” and the Metaverse.
Changes in geopolitics
One aspect that Mike Novogratz highlighted was the incidence of Bitcoin with respect to “irregular” events in the international community. He highlighted the emergence of tensions caused by Russia with its military offensive towards Ukraine. It is a fact that shook the stability of the most influential currencies, including the US dollar, and of course, the ruble.
The rapid application of Western sanctions to Russia generated a favorable perception of cryptocurrencies for their appreciation. Securities traders would look for alternatives or «escape routes» to the volatility of stock prices and supplies.
“A war has broken out in Ukraine, where Russia has invaded. That’s interesting. It creates a lot of inflationary pressures through the commodity cycle,» he said.
Faced with this situation, an improved perspective is being handled, where the resistance of $50K would be broken, according to Novogratz’s optimism.
Considering the rallies that Bitcoin has shown in the first quarter of 2022, Mike Novogratz does not rule out the possibility of a massive influx of investors. To this belief he adds the willingness of the US government to specify a «flexible» regulation for cryptocurrencies.
