Thursday, July 29, 2021
HomeUS Senator Cynthia Lummis says Bitcoin should be part of 'retirement portfolio'

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

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

“Okay effectively, I want to see cryptocurrency, like Bitcoin, turn out to be a part of a diversified asset allocation that’s utilized in retirement funds and different alternatives for individuals to avoid wasting for the longer term,” Lummis stated.

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

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

She even stated the US greenback was “not a great long-term funding,” citing inflation as a serious downside to plague the forex’s prospects. 

Extra Bitcoin adoption

It’s not all phrases and no play from Lummis’ facet 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 stated she’d additional wish to see extra adoption of the world’s largest cryptocurrency in on a regular basis life as a substitute of simply hypothesis.

“I’d additionally wish to see people have the ability 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 stated.

And utilization is already starting to occur. Final month noticed El Salvador legalize Bitcoin as ‘authorized tender’ within the nation, with a major 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 financial system.

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