US Senator Cynthia Lummis says Bitcoin must be a part of ‘retirement portfolio’

 US Senator Cynthia Lummis says Bitcoin must be a part of ‘retirement portfolio’


In a Tuesday interview with information outlet CNBC, US Senator Cynthia Lummis mentioned Bitcoin and different cryptocurrencies must be part of one’s retirement portfolio alongside different belongings as they’re an excellent ‘store-of-value.’

“Okay effectively, I wish to see cryptocurrency, like Bitcoin, develop into a part of a diversified asset allocation that’s utilized in retirement funds and different alternatives for folks to save lots of for the long run,” Lummis mentioned.

She added, “So whether or not you’re an worker that has a retirement fund – I’d prefer to see these retirement funds invested in bitcoin and different cryptocurrencies which might be good shops of worth.”

The Wyoming senator is among the few ‘crypto-friendly’ officers within the US. Again in November 2020, she shilled Bitcoin on nationwide tv, staring on the time that she meant to teach her colleagues on the asset and its store-of-value prowess.

She even mentioned the US greenback was “not an excellent long-term funding,” citing inflation as a serious downside to plague the foreign money’s prospects. 

Extra Bitcoin adoption

It’s not all phrases and no play from Lummis’ aspect both. She revealed holding over 5 Bitcoin within the Tuesday interview, a stash valued at over $176,000 at press time. Her first purchase got here again when Bitcoin traded at simply $330, she additional revealed.

In the meantime, Lummis mentioned she’d additional prefer to see extra adoption of the world’s largest cryptocurrency in on a regular basis life as an alternative of simply hypothesis.

“I’d additionally prefer to see people be capable to use Bitcoin and cryptocurrencies of their desire which might be protected, which have met the hurdles of anti-money laundering and Financial institution Secrecy Act,” she mentioned.

And utilization is already starting to occur. Final month noticed El Salvador legalize Bitcoin as ‘authorized tender’ within the nation, with a main deal with the Lightning community for processing funds and facilitating remittances.

Others like Panama and Paraguay are juggling with their very own set of laws to incorporate Bitcoin and different cryptocurrencies as a part of the broader economic system.

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