By Alicia Maher
US congressman and Texas’ representative at the 17th congressional district, Pete Sessions, has claimed that BTC aligns with America’s values and will fortify the dollar. He further remarked that the leading digital asset is gradually becoming a better hedge against the dollar’s inflation.
Additional Strength To The Dollar
Sessions’ tweets this week have been all about BTC, and on March 18, the 11-term congressman tweeted that BTC will fortify the USD as it aligns with America’s values. As expected, Sessions received varying responses to his tweet. But the majority of the comments fell into two groups; those who agreed with his viewpoint and those who agreed with part of his viewpoint.
#Bitcoin is aligned with American values and will strengthen the dollar.
— Pete Sessions (@PeteSessions) March 18, 2022
Those who agreed with part of his viewpoint commented that there was no way BTC could improve the USD’s strength even though they agreed that the leading cryptocurrency aligns with the nation’s founding principles. They predicted that BTC would seriously weaken the USD if it didn’t destroy it.
Some of those who agreed to all of Sessions’ perspectives include the Chamber of digital commerce, Founders of the Core scientific, and Blockchain Investment Group (Darin Feinstein and Eric Weiss, respectively). Famous crypto advocate and one of the founders of Morgan Creek crypto asset management firm, Anthony Pompliano, remarked that “BTC represents our nation’s principles of free speech and a free market.”
A New York Times best-selling author, Mark Jeffrey, advised the treasury department to start accumulating BTC instantly. He even took the liberty of tagging the country’s president and treasury secretary in his tweet.
Congress Needs To Support The Crypto Industry Now – Sessions
Sessions also opined that BTC is trending towards being the hedge against USD inflation. He tweeted that the rise in CPI last month proves his theory to be true. You’d recall that America’s annual inflation rate rose to a 40-year peak last month after being on the rise since the beginning of the year.
He further explained that every American feels the effect of inflation through taxes. Last December, Sessions reiterated the need for authorities to support the crypto industry following the testimony from chief executive officers of five top crypto firms during a house committee hearing.
After the hearing, Sessions revealed that the crypto firms’ executives impressed him greatly with their ingenuity and the display of their vast entrepreneurial experience. He concluded his thoughts by saying, “We must support you guys.”
A few moments afterward, the congressman tweeted, “I hope congress collaborates with players in the crypto space now that the industry is still at its infant stage. If they do, it will be in the positive interest of our citizens and establish us as a global leader in the development of new technologies.”
Sessions, who heads the congress’ crypto technical working group, appointed Himanshu B. Patel as an advisor to the group last month. Patel’s roles will include providing the group with updates regarding economic and energy infrastructural developments.