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“I encourage people to buy and hold”, Senator Cynthia Lummis Backs Up Bitcoin, Says It Is A Way To Save For Future.

“I encourage people to buy and hold”, Senator Cynthia Lummis Backs Up Bitcoin, Says It Is A Way To Save For Future

Senator Lummis Bats For Investing In Bitcoin

Senator Cynthia Lummis encourages investing in bitcoin while talking in a recent interview with CNBC. She even talked about investing in cryptocurrency is a perfect retirement plan. Senator Lummis mentions how the US Dollars denominates all the retirement money, which leads to not diversifying the allocation of assets. She thinks that the strongest store of value, in the long run, is bitcoin.

Debasing the US Dollar

While talking about the debasement, she said “there is no way we cannot debase the value of the US Dollar”. She said that congress flooding the international and national market with trillions of US Dollars. Due to this the value of the US Dollar will eventually come crashing down, as there is no diversity. This is the reason she urges people to invest in bitcoin to maintain a balance and a required diversity. 

A Tough Balancing Act

She hopes that one-day cryptocurrency is used as assets to diversify portfolios in addition to being a medium of exchange. However, she realizes that it will be a tough balancing act. Balancing act among the current anti-laundering laws and not stifling crypto’s fast-paced innovation. Even though she knows that regulating crypto will be hard, she feels that it should not be over-regulated. She mentions the need for a leveled playing field for traditional banking and non-fiat currency.

Senator Lummis Practices What She Preaches

When asked about whether she holds bitcoin or not, she responded with an emphatic yes. She said she owns ‘only’ 5 BTC, purchased when its value was around $330 each. The value of 5 BTC today is around $176k, which is almost 100 times more than when she bought it.

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