Photo: Fox Business
Senator Cynthia Lummis invited Elon Musk to relocate to Wyoming, claiming that it has the best digital asset laws. This announcement came after Tesla invested $1.5 billion in Bitcoin, and Musk himself expressed support for some cryptocurrencies.
On February 8, Tesla announced that it updated its investment policy to give itself more flexibility to further diversify and increase the return on its cash, and has acquired $1.5 billion in Bitcoin cryptocurrency. The company also stated that it plans to start accepting Bitcoin as a form of payment for its products in the near future.
The same day, Senator Cynthia Lummis tweeted an invitation to Tesla CEO Elon Musk to relocate to Wyoming, stating that "Wyoming is one of the most business friendly states in the nation and has the best laws for digital assets in the US."
In an interview with Yahoo Finance, Lummis spoke flatteringly about Musk, his innovation and his positive outlook on Bitcoin and digital assets. "He's a great innovator and Wyoming is the perfect state for innovation," said the Senator. "We want to make sure that we have a place for people who understand the benefits of Bitcoin to locate their business."
Lummis also emphasized that Wyoming has "special depository financial institutions that were created specifically to transact business and hold deposits in Bitcoin, and even passed laws to create a chancery court - which will be an avenue to create case law, for the rest of the country that they can turn to as instructive to how to resolve commercial issues and transaction issues in Bitcoin."
Lummis is the first well-known senator to own bitcoin and believes it is very beneficial in terms of preserving value for everyday Americans going into the future.
"I'd hate to see a government that is accustomed - because it has a fiat currency - to regulating, feel that it's going to be a better regulator than the innovators who created bitcoin and continue to nurture it."
© 2021, Eva Fox. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.