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Senator Cynthia Lummis backs crypto for US retirement plans

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Could Bitcoin be a profitable retirement asset? Yes! This is the opinion of US Senator Cynthia Lummis. She is confident that the citizens of the country can now consider the leading cryptocurrency as an asset that can bring profit in the long term.

Cynthia Lummis known for being very friendly with cryptocurrencies and Bitcoin in particular. In a recent interview with CNBC, the senator announced that she owns 5 BTC to secure her future pension. She bought Bitcoins even when their price did not exceed $ 330. Also on June 23, Lummis announced the purchase of Bitcoin “at the bottom”. She added that she delighted with the purchase. And will continue to invest in the cryptocurrency as its price declines. The senator also called the advantages of Bitcoin. The digital coin could contain the devaluation of the US dollar and other fiat currencies, she said.

According to the senator, she also tries to convince others to buy and keep Bitcoin in their wallets. So that later they can be confident in their future. Cynthia Lummis expresses concern that all pension funds operating in the United States use only dollars so far. We need diversification, different assets in the retirement accounts of Americans.

She convinced that BTC is one of the most reliable funds in the long term, unlike other currencies.

So far, the senator herself only owns Bitcoin. At the same time, she points out that Bitcoin is not the only asset that can be used for government purposes. For example, it can be Ethereum, like other cryptocurrencies. In addition, the senator created a group on financial innovation, which dedicated to promoting cryptocurrencies as assets for long-term investments.

What problems with Bitcoin should be solved according to Lummis?

The senator said she hopes to help create a regulatory framework for cryptocurrencies in the United States so that such assets can be in the long-term portfolio of any investor. In addition, with proper regulation, you can use Bitcoin as a medium of exchange.

However, as the senator points out, the Bitcoin adoption process can take a long time, as regulators will need to change the relevant legislation. It is also necessary to comply with the existing laws on combating money laundering, comply with the requirements of the law on bank secrecy. We need a new infrastructure that could include both cryptocurrencies and the digital dollar.

According to the senator, over-regulation of cryptocurrencies is harmful, it is necessary to create a level playing field for these digital assets so that they can develop. Time will tell whether Senator Lummis will succeed in promoting his initiatives to popularize cryptocurrencies.

Unfortunately, not all representatives of the Senate have the same position as hers. Most are wary, if not hostile, of Bitcoin and other digital assets.

Can BTC be considered a lucrative asset for pension funds? Despite the fact that its price periodically shows a fall, unlike fiat, it doesn’t depreciate due to the effects of inflation. It is from this point of view that Bitcoin is much more profitable than even the dollar.

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