A Senator says Bitcoin is a commodity and will become a currency soon

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The U.S. Senator from Wyoming, Cynthia Lummis, recently championedย Bitcoinย as a future currency in an interview. Theย interviewย started with the question, โ€œIsย Bitcoinย a currency or commodity?โ€ Senator Lummis quickly and confidently responded:

โ€œI own [Bitcoin], a commodity. I believe it will be currency someday, but at this point of its existence, itโ€™s a commodity just like cattle, wheat, and gold. At some point, itโ€™s going to become a means of paymentโ€ฆand itโ€™s going to happen really fast.โ€

To explain her confidence, Lummis referred to the launch of the Bitcoin payment protocol,ย Lightning Network. She noted that Bitcoin came out of a whitepaper that didnโ€™t include means of payment. Lightning Network filled the gap by providing a payment method for Bitcoin which should lead to further innovation in the payment space.

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