US Lawmaker Says Bitcoin Is Aligned With American Values, Will Strengthen the Dollar

US Lawmaker Says Bitcoin Is Aligned With American Values, Will Strengthen the Dollar

U.S. Congressman Pete Sessions says bitcoin is aligned with American values and will strengthen the U.S. dollar. The lawmaker further noted that the cryptocurrency “is trending to be a more resilient alternative option to hedge against fiat-currency inflation.” Rep. Pete Sessions Sees Merit in Bitcoin

U.S. Representative Pete Sessions tweeted about bitcoin several times this week. Sessions represents Texas’ 17th Congressional District and has served in the U.S. House of Representatives for 11 terms.

On Friday, he wrote that bitcoin is aligned with American values and will strengthen the U.S. dollar.

Many Twitter users replied to the lawmaker expressing a wide range of opinions. Some agreed with him about BTC being aligned with American values but disagreed that the cryptocurrency will strengthen the U.S. dollar.

The Chamber of Digital Commerce replied to Sessions: “Thank you for your leadership and support … We couldn’t agree more!” Blockchain Investment Group founder Eric Weiss said, “Pete gets it.” Core Scientific founder Darin Feinstein told Sessions that he is “100% correct.”

Morgan Creek Digital Assets co-founder Anthony Pompliano wrote: “Bitcoin embodies the American ethos of free markets and free speech.” The New York Times bestselling author Mark Jeffrey suggested, “The U.S. Treasury should begin stockpiling bitcoin reserves immediately,” tagging President Joe Biden and Treasury Secretary Janet Yellen in his tweet.

Another Twitter user argued, “Bitcoin is aligned with American values, the dollar is not.” A number of people stressed that bitcoin will destroy the U.S. dollar.

Sessions also tweeted about bitcoin being a hedge against inflation earlier this week. “Inflation is taxation on every American,” he wrote, emphasizing that “CPI rose 7.9% through February — the fastest pace of annual inflation in 40 years.” The lawmaker from Texas added: Bitcoin is trending to be a more resilient alternative option to hedge against fiat-currency inflation.

In December last year, Sessions urged Congress to be supportive of the crypto industry after the top executives of six major crypto companies testified before the House Committee on Financial Services. Commenting on the hearing, Sessions said: “I am tremendously impressed. I see a lot of ingenuity, a lot of entrepreneurial spirit. We need to be supportive of you.”

The lawmaker subsequently tweeted: My hope is that Congress will work with the digital asset market in its infancy to help Americans prosper and progress us forward as leaders on the world stage.

In February, Sessions reportedly appointed Indian-American Himanshu B. Patel as the chief economic development and energy infrastructure advisor for his crypto technical working group. Tags in this story Congressman, pete sessions, pete sessions bitcoin, pete sessions crypto, pete sessions cryptocurrency, us house of representatives, us lawmaker

What do you think about Congressman Pete Sessions’ comments? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Peter Thiel Says His ‘Biggest Mistake of the Decade Was Getting Too Late and Too Little Into Bitcoin’ FEATURED | 39 mins ago Co-Founder of Bitmex Predicts Gold Rising to $10K, Bitcoin Marching to $1 Million FEATURED | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUniversal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum Next articleBitcoin, Ethereum Technical Analysis: ETH Nears $3,000 to Start the Weekend  Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report

India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.Binance Now Fully Licensed by Central Bank of Bahrain to Offer Crypto Services Aptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System British Investment Bank HSBC Joins Metaverse via Sandbox, Animoca Brands Partnership Robert Kiyosaki Predicts End of US Dollar — Says War Giving Rise to Crypto as Safer Haven Than Fiat Money