US Senator sees Bitcoin as solution to credit card fee hike
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Processing fees for credit card transactions are on the rise. In this context, Bitcoin provides an alternative payment method that does not incur these swipe fees, said US Senator Marsha Blackburn during a firechat at the 2024 Bitcoin Policy Summit this week.
“One of the hot issues on Capital Hill right now is increasing the processing fees for credit cards. And people are beginning to look at how expensive it is to use credit cards. So this [Bitcoin] provides them another option where they’re not burdened with having to pay that swipe fee,” said the Senator.
The Tennessee lawmaker, known for her commitment to consumer rights and privacy, pointed out that Bitcoin could help consumers save on extra charges for everyday transactions such as rent, mortgage, or car payments.
“In favor of the consumer…this [Bitcoin] I think is a really good solid option,” she noted.
Blackburn also expressed her belief that Bitcoin’s acceptance for daily purchases will grow as the public becomes more familiar with the digital currency.
Ease of use is only one of the things that “appeal” the Senator about Bitcoin. Two key aspects of Bitcoin, which she sees as advantages, are freedom and privacy for individuals – Bitcoin allows individuals to control their finances with less oversight.
“First of all, when you talk about freedom and you talk about privacy, Bitcoin allows that for individuals,” Blackburn remarked.
She also praised Bitcoin’s decentralized nature, which operates without government interference, a feature she believes is crucial for many people.
Using Afghanistan as an example, Blackburn explained that in regions where trust in governments and fiat currencies is low, Bitcoin stands out as a reliable store of value.
“They want something that is going to be a good solid store of value. This is a great option for them,” she added. “People want to be able to have that control over the use of their currency.”
Sharing Senator Blackburn’s viewpoint, US presidential candidate Robert F. Kennedy Jr. has recognized Bitcoin as a means to combat government overreach and financial control. He has pledged to address the tax treatment of Bitcoin to facilitate its use in everyday transactions without the burden of taxation.
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Author: Vivian Nguyen
