U.S. Senator Cynthia Lummis backs Bitcoin as an alternative for retirement funds. Wyoming legalized bitcoin and cryptocurrencies as money in 2019.
Bitcoin (BTC) mining on a large scale is expanding in the United States. Now GOP Senator Cynthia Lummis invited companies and anyone living in this cryptocurrency sector to set up shop in her state, Wyoming.
Lummis is an advocate of Bitcoin as an alternative for storing value and as an investment vehicle. For the official, the first cryptocurrency should be part of investment portfolios and even retirement funds.
During an interview with CNBC, the senator indicated that digital mining should not be misjudged for allegedly using energy that is mostly not clean. The reason is that "there are many things that prove otherwise," the legislator said. Three days after his statements, Lummis shared on Twitter a message in which he ratified his position and stated that miners were welcome in Wyoming.
"If you're in the Bitcoin mining space, contact us. We want you in Wyoming," Lummis stressed on the popular social network. The lawyer said that Bitcoin mining is increasingly using renewable energy sources for its operation and that innovation in this field is still developing.
As for the use of the U.S. dollar as a global reserve currency, Lummis explained that it would remain so. However, he questioned the fact that his country's economy is being "flooded" with billions of dollars, which would weaken the value of the U.S. national currency. "I am concerned about having all our retirement money denominated in U.S. dollars," he added.
Mining Bitcoin with renewable energy
Bitcoin mining has recently come under fire for allegedly employing non-renewable energy sources. The claim is not new, but it garnered media attention after Tesla CEO Elon Musk singled it out for causing a "huge cost" to the environment.
According to researchers at Cambridge University, 76% of the energy used in Bitcoin mining comes from renewable sources. Miners mostly employ hydroelectric power but also use wind, solar and geothermal energy. That is, to a lesser extent, digital mining uses sources derived from oil, for example.
Regarding Wyoming, it is essential to remember that it is one of the most Bitcoin-friendly states in the U.S. In February 2019, the state legalized Bitcoin and all other cryptocurrencies as a means of payment. The law defines digital assets as property, and their operation is like that of fiat money.