Senator Lummis ‘comfortably’ including Bitcoin in pension fund amid bear market

US Senator Cynthia Lummis remains a staunch Bitcoin supporter, as she wants to add Bitcoin to pension funds amid the struggling crypto market.

“I’m very comfortable making sure people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies,” Lummins recently shared with Semafor.

However, it is not the first time the senator has expressed positivity towards Bitcoin. In June 2021, Cynthia Lummis spoke at the CNBC Financial Advisor Summit, urging Americans to use Bitcoin in their retirement plans as part of a diversified strategy. Again, In a interview with CNBC six months ago, Lummis urged Americans to invest their retirement funds in Bitcoin.

Since then, the market has taken some significant hits as it struggled through the FTX debacle, followed by bankruptcies and panics. After that, Bitcoin’s price plunged to new lows and is now 70 percent below its peak.

Cynthia Lummis, a Bitcoin enthusiast

Lummis is a well-known crypto advocate on Capitol Hill, and according to her financial disclosures, she has between $100,000 and $350,000 in tokens.

“I personally believe that because there are only going to be 21 million Bitcoins that will be mined, Bitcoin will go up,” Lummis added. “It is a personal belief, based only on its scarcity.”

Although the senator said Bitcoin is the only cryptocurrency that qualifies as a commodity due to the Ethereum merger in September. She now sees Ethereum as a security.

Lummis is one of the architects behind a landmark piece of legislation, the Lummis-Gillibrand legislation, to end the confusion over whether cryptocurrencies are commodities or securities.

While the market has been turbulent recently, she plans to reintroduce this bill in January, clarifying specific terms such as “digital assets.” In an earlier statement, she said the fall of FTX had only increased enthusiasm to reintroduce the bill in the new Congress next month and to set clear regulatory standards that would benefit consumers involved in trading digital assets.

In addition, the senator planned to meet with the SEC shortly after receiving concerns about certain “unintended consequences.”