Senator Wants Bitcoin in Retirement Plans?
- Can Bitcoin be used for retirement plans in the US?
- The crypto winter had not shaken the decision to believe in BTC- Cynthia Lummis.
US Senator Cynthia Lummis, known for her pro-crypto stance, reinforced her position when she supported Bitcoin’s case as part of diversified pension plans in the face of misleading senators.
Lummis is among the few crypto-friendly politicians in the US. She has called for better crypto regulations, along with Senator Kirsten Gillibrand.
Speaking to Semafor, an online media agency on December 12, 2022, Lummis said that the crypto winter had not shaken her decision to believe in BTC. She would still like to see the asset included in America’s 401(k) retirement plans “I’m very comfortable making sure people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies.”
Lummis said, “I personally believe that because there are only going to be 21 million Bitcoins that will be mined, Bitcoin will go up,” adding that it is “a personal belief, just based on its scarcity.”
Cynthia noted, “the jury is still out on other cryptocurrencies.”
However, those comments differ from what Lummis said in 2021 about pension plans.
She confirmed the inclusion of a few other cryptos at the time, but crypto winter and the recent FTX debacle may have changed her mind a bit.
The senator said: “I would also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and the Bank Secrecy Act.”
Crypto journalist Natalie Brunell interviewed Wyoming Senator Cynthia Lummis regarding Bitcoin’s future and the legislation she is proposing with other like-minded senators. The Republican senator spoke highly of the digital resource. She spoke about adoption, regulatory issues and their macroeconomic significance.
Lummis said that Bitcoin conceptually resonated with her since she belonged to an oil and gas mining state. While serving as Wyoming’s state treasurer, she considered Bitcoin an asset for investment since its “scarcity will continue to allow it to retain its value.”
Earlier on February 19, 2022, TheCoinRepublic reported Talking on a Board hosted by the Orrin G. Hatch Foundation. Lummis said: “I think it’s very smart for the Fed to buy bitcoin because it has more than $40 billion in undisclosed savings,” Lummis responded to an inquiry from board broker Matt Sandgren, head of the Hatch Foundation, which facilitated the fate of to the crypto economy.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
