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US Senator Cynthia Lummis wants US citizens to consider cryptocurrencies as a way to diversify their retirement and long-term savings — the senator herself does.
In an interview with CNBC, the senator in favor of bitcoin (BTC) claims that she currently owns about 5 BTC, having acquired the cryptocurrency when it was worth US$330.
Lummis encourages people to carry out the “buy and hold” (or “buy and store”) strategy as a way to save money by thinking about their future:
I am concerned about keeping all of our funds denominated in US Dollars. As part of diversification, by having a very diverse asset allocation, you don't have to bet all your chips on one thing.
I think one of the strongest long-term stores of value is bitcoin.
https://twitter.com/CynthiaMLummis/status/1409973100654043150?s=20
For now, bitcoin is the only cryptocurrency in her portfolio, as it is one she feels she "really understands". Still, she acknowledged that her support doesn't mean bitcoin is the only useful cryptocurrency, claiming that ether (ETH) also has benefits.
Through initiatives of its newly formed “Financial Innovation Caucus”, it hopes to help the regulatory process to the point where cryptocurrencies such as bitcoin can be used as assets in long-term portfolio diversification, as well as used as a medium. exchange:
If you are an employee who owns a pension fund — I would like to see these pension funds invest in bitcoin and other cryptocurrencies that are good stores of value.
But I would also like to see people use bitcoin and cryptocurrencies of their choice that are secure, that face anti-money laundering hurdles and the Banking Secrecy Act, but allow people to use their cell phones to send stores of value — the bitcoin — each other.
However, this can be a very difficult thing to balance, according to Lummis.
It will be necessary to comply with existing anti-money laundering laws, as well as the Bank Secrecy Law, without hindering the constant innovation of the crypto sector, according to Lummis.
