A US senator has called for people to buy bitcoin and save it as part of their retirement plan.
Cynthia Lummis revealed she had more than $100,000 invested in the cryptocurrency and planned to continue buying and saving more.
Speaking at the CNBC Financial Advisor Sunnit, the Republican lawmaker said she hoped the crypto industry “grows and is nurtured and used”, and that regulation is brought up to speed with the financial and technological advancements that bitcoin brings..
“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.
“So whether you’re an employee that has a retirement fund – I’d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value – but I’d 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 Bank Secrecy Act, but that allow people to use their cell phones to send stores of value, bitcoin, to each other.”
Senator Lummis revealed for the first time that she personally owned five bitcoins, having bought the first one for $330 back in 2013. At the current market rates, 5 btc is worth roughly $168,000.
“For me, I see bitcoin as a great store of value. I buy bitcoin and I hold bitcoin,” she said.
“I encourage people to buy and hold. I encourage them to save bitcoin for their retirement, for their future... I think one of the strongest stores of value for the long run is bitcoin.”
Senator Lummis recently said she was “really excited” about the recent price crash because it would allow her to buy more of the cryptocurrency at a cheaper price.
Speaking to Fox Business News when bitcoin was below $ 30,000 in June, she said, “as soon as it drops a little more, I’ll buy more.”
She also said she hoped that any regulation introduced in the US will be “simple”, “easy to understand” and “not too restrictive”.
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Cryptocurrencies are a highly volatile unregulated investment product and investing in them could lead to a loss of capital. *No FSCS or Financial Ombudsman investor protection. 67% of retail investor accounts lose money when trading CFDs. *You should consider whether you understand how CFD’s work, and whether you can afford to take the high risk of losing your money.
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