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- Can Bitcoin be used for retirement plans in the United States?
- The crypto winter had not shaken resolve to believe in BTC- Cynthia Lummis.
United States Senator Cynthia Lummis, known for her pro-crypto stance, reinforced her position when she supported Bitcoin’s case as a part of diversified retirement plans in the face of naysaying Senators.
Lummis is among those few crypto-friendly politicians in the United States. She has called for better crypto regulations, alongside Senator Kirsten Gillibrand.
While talking to Semafor, an online media agency on December 12, 2022, Lummis said that the crypto winter had not shaken her resolve to believe in BTC. She’d still like to see the asset included in United States 401(k) retirement plans “I’m very comfortable with making sure that 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 Bitcoin that are mined, that Bitcoin will go up,” she added that it’s “a personal belief, just based on its scarcity.”
Cynthia noted, “the jury’s still out on other cryptocurrencies.”
However, these comments differ from what Lummis said in 2021 about retirement plans.
She confirmed the inclusion of a few other cryptos at the time, but the crypto winter and the recent FTX debacle may have changed her opinion a bit.
The senator said, “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.”
Crypto journalist Natalie Brunell interviewed Wyoming Senator Cynthia Lummis regarding Bitcoin’s future and the legislation she is proposing along with other like-minded senators. The Republican Senator spoke highly of the digital asset. She spoke on 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 hold its value.”
Earlier on February 19, 2022, TheCoinRepublic reported Talking on a board facilitated by the Orrin G. Hatch Foundation. Lummis said, “I believe it’s really smart for the Fed to purchase bitcoin as it holds more than $40 billion in unfamiliar money saves,” Lummis was answering an inquiry by the Board mediator Matt Sandgren, chief head of the Hatch Foundation, who facilitated the board on the fate of the crypto economy.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
