‘Bitcoin Will Go Up’: Senator Lummis Defends BTC in Retirement Plans
With the rapid adoption of bitcoin in recent years, the digital asset has been able to find its way into traditional finance. One of the most prominent of these was the inclusion of bitcoin in retirement plans such as 401Ks. As the price of BTC has suffered over the past year, plans holding BTC have also seen a massive decline, prompting calls to remove the asset from these important plans. However, not everyone has lost faith in the digital resource, and one of them is Senator Cynthia Lummis.
Bitcoin is still a work in progress
Senator Cynthia Lummis spoke to Semafor on Monday, once again showing support for bitcoin. The US lawmaker has been vocal about her bullishness when it comes to the digital asset and believes that having the ability to hold BTC in retirement plans is still a good move.
For Lummis, bitcoin presented a unique opportunity given that it is different from other cryptocurrencies. “I’m very comfortable making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies,” the senator said.
BTC price trading above $17,000 | Source: BTCUSD on TradingView.com
This comes even as the majority of US lawmakers continue to oppose bitcoin’s addition to traditional finance. Lummis had defended Fidelity’s decision to allow people to add BTC to their retirement plans, saying the digital asset is a good way to diversify a portfolio. Still, the movement continues to face opposition from the likes of the U.S. Department of Labor and Senators Elizabeth Warren and Richard Durbin, especially with the market downturn.
BTC will go up
When it comes to the long-term outlook for BTC, Lummis has never been one to shy away from sharing his belief in the future of the digital asset. Lummis, who personally invests in the cryptocurrency, believes that the price of bitcoin will continue to rise.
For the senator, the limited supply of bitcoin is a bullish argument for it. “I personally believe that because there’s only going to be 21 million BTC that will be mined, Bitcoin will go up. That’s a personal belief, just based on its scarcity,” she explained.
Lummis is not the only one to present the scarcity of the digital resource as a reason why they expect continued success. Other notable personalities such as Anthony Scaramucci and Cathie Wood have also made the same argument. Indeed, both have predicted that the price of the digital asset will reach six figures within the next few years.
