US 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 property as they’re a great ‘store-of-value.’

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

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 can 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 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’ 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 stated she’d additional prefer 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 prefer to see people be capable of use Bitcoin and cryptocurrencies of their desire which can be secure, 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 give attention to the Lightning community for processing funds and facilitating remittances.

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

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