Congressman Pete Sessions of the United States of America believes bitcoin is consistent with American ideals and will help boost the US dollar. Additionally, the congressman stated that cryptocurrency “is increasingly proving to be a more resilient alternative to hedge against fiat-currency inflation.”
Representative Pete Sessions Sees Value in Bitcoin
Representative Pete Sessions of the United States of America tweeted multiple times this week about bitcoin. Sessions represents Texas’ 17th Congressional District and previously served 11 terms in the United States House of Representatives.
He tweeted on Friday that bitcoin is consistent with American principles and will help to boost the US dollar.
Numerous Twitter users responded to the congressman, expressing a variety of viewpoints. While some agreed with him that Bitcoin is congruent with American values, many disagreed that it will bolster the US dollar.
“We appreciate your leadership and support,” the Chamber of Digital Commerce said to Sessions. We couldn’t be more in agreement!” “Pete understands,” said Blockchain Investment Group founder Eric Weiss. Darin Feinstein, founder of Core Scientific, told Sessions that he is “100 percent correct.”
According to Anthony Pompliano, co-founder of Morgan Creek Digital Assets, “Bitcoin reflects the American ideal of free markets and free speech.” Mark Jeffrey, a New York Times bestselling author, urged in a tweet that “the US Treasury should immediately begin hoarding bitcoin reserves,” tagging President Joe Biden and Treasury Secretary Janet Yellen.
“Bitcoin is consistent with American principles, the dollar is not,” another Twitter user stated. Numerous individuals asserted that bitcoin will eventually destroy the US dollar.
Sessions also tweeted earlier this week about bitcoin being a hedge against inflation. “Inflation is a tax on every American,” he said, noting that the “CPI increased 7.9 percent in February – the fastest annual rate of inflation in 40 years.” Additionally, the Texas congressman stated:
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. Sessions stated following the session, “I am quite impressed. I see a lot of inventiveness and an abundance of business energy. We owe it to you to be supportive.”
Subsequently, the legislator 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.
Sessions reportedly selected Indian-American Himanshu B. Patel as his crypto technical working group’s top economic development and energy infrastructure advisor in February.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.