Amid a global cyber outage that has impacted banks worldwide, a US Senator is praising Bitcoin for its ability to stay running smoothly. In a post to X, Wyoming Senator Cynthia Lummis said the following:
“Vires in Numeris” is Latin for “strength in numbers. Bitcoin is the leading cryptocurrency by market cap on the entire market. Since it isn’t owned by a bank or central entity, it is available for trade on almost any crypto exchange to serve as an alternative to fiat currencies. In an emergency like this which impacts banks and currencies worldwide, currencies like Bitcoin are a safe and reliable alternative.
Bitcoin Remains a Topic Of Discussion Amid Cyber Outage
Senator Lummis is one of many government officials who have publicly supported the crypto industry. The US Government has been mixed on its decisions around Bitcoin, with many advocating for heavy regulation. Opposers to Bitcoin, like Senator Elizabeth Warren, warn that cryptocurrencies as a whole provide criminals and wrongdoers with the ability to finance their crimes off-the-grid. On the other hand, they also provide a backup in case something goes critically wrong which prohibits easy access to fiat funds, like the ongoing cyber outage.
Recently, entrepreneur Mark Cuban discussed Bitcoin and its potential as a global reserve asset. The Shark Tank star and former owner of the Dallas Mavericks noted that the leading cryptocurrency will be immensely important amid continued geopolitical unrest. The timing of his supportive stance on Bitcoin is great considering the current cyber outage affecting banks.
Also Read: Donald Trump Rumored to Announce Bitcoin as US Reserve Asset
Currently, Bitcoin is worth $66,183.76, up 3% in the last 24 hours. The outage may have given a temporary bump to the asset. It’s also possible that this ongoing situation may have a long-term impact on the crypto industry, especially BTC. “Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you can’t align the stars any better for BTC price acceleration,” Cuban says.