Wyoming Republican Senator Cynthia Lummis has proposed backing the dollar with Bitcoin. She also opposed the digital dollar over concerns that it would violate citizens’ privacy.

In an interview with Fox Business, Cynthia Lummis expressed opposition to central bank digital currencies (CBDCs). According to the official, without CBDCs, Americans will remain free from excessive government oversight. Individual Bitcoin wallets will allow people to control their own money, which will preserve citizens’ financial independence and data privacy.

“We want people to have individual wallets to store their bitcoins, so they can manage their own money. We also want the U.S. dollar to remain strong, and holding bitcoin reserves will help strengthen our national currency,” Lummis said.

Lummis’s initiative was supported by MicroStrategy Chairman Michael Saylor. He agreed that Bitcoin could be used in the US Treasury. This could improve the country’s financial system, as well as provide decentralization and protection against inflation. A dollar backed by Bitcoin would support core American values: privacy and property rights, Saylor wrote on social media.

Michael Saylor recently stated that Bitcoin is important to people not only as a source of income – the first cryptocurrency also has spiritual value.