US Senator Cynthia Lummis from Wyoming said she keeps bitcoins to secure retirement and urge fellow citizens to follow her example. She expressed her thoughts on National TV.
Senator Cynthia Lummis: "I encourage people to buy and hold. I encourage them to save #bitcoin for their retirement, for their future…I only have, I think, five bitcoin."
.@CynthiaMLummis @SenLummis pic.twitter.com/BiDvjjxQyh
— Neil Jacobs ? (@NeilJacobs) June 29, 2021
According to the senator, Bitcoin is great for long-term and retirement savings. Lammis said that she currently owns five BTC, and she bought the first bitcoin for $330.
She encourages Americans to buy and store bitcoins for their old age.
“I am concerned that all of our pension funds are denominated in US dollars. To diversify, you need to use a wide variety of assets so as not to store all your eggs in one basket. And bitcoin is one of the most reliable store of value in the long term, ”said Lammis.
Only bitcoin is in the senator’s cryptocurrency portfolio, because she understands only the first cryptocurrency. But she admits that Bitcoin is not the only useful cryptocurrency. According to Lammis, Ethereum also has its advantages.
The senator said she hopes to help create a regulatory framework for cryptocurrencies in the United States so that such assets can easily be added in the long-term portfolio of any investor. In addition, with proper regulation, bitcoin can also be used as a medium of exchange.
Lummis emphasized:
“I would like pension funds to invest in bitcoin and other cryptocurrencies that are good store of value. I would also like people to be able to use bitcoin and other crypto while still being protected by anti-money laundering and banking laws. ”
She noted that this can be a very difficult task, as innovation in the cryptocurrency industry is extremely rapid.
“We would not want to excessively or differently regulate traditional banking and services with non-fiat currencies, as we want them to have a level playing field for development,” the senator said.
Recall that in February, Cynthia Lammis participated in the Financial Innovation Forum, the purpose of which was to raise awareness of the authorities about digital assets.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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