Senator Cynthia Lummis Encourages People to Buy and Hold Bitcoin
US Senator Cynthia Lummis bought five bitcoins back in 2013, which she still holds, and is suggesting people to buy some amount of cryptocurrency for themselves in order to prepare for the dollar depreciation.
The USD is going to debase due to the Fed’s actions, and people should buy and hold bitcoin for protection, said US Senator, Cynthia Lummis. She has voiced her support for the largest cryptocurrency by market cap, as well as declared that she holds five bitcoins purchased eight years ago for $300 per coin.
Bitcoin for Retirement
The US attorney serving as Wyoming’s first female Senator, appeared on CNBC’s Financial Advisor Summit, where she voiced her belief in bitcoin as an investment tool and store of value.
Lummis says the asset should have a place in broader portfolios, especially such oriented for the long run.
“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that is 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.”
She also pointed out El Salvador’s recent actions to adopt BTC as legal tender as significant news coming from a country that could really benefit from it.
The senator also believes that citizens of large countries like the US could also benefit investing in bitcoin, especially after the unprecedented monetary policy undertaken by the Fed last year.
Congress is spending “trillions and trillions of dollars and is flooding our economy and the world economy with dollars, there’s no way that we cannot debase the value of the US dollars,” she said.
Senator Lummis Hodls 5 BTC
Senator Lummis indeed practices what she preaches as she purchased her first set of bitcoins back in 2013. She hadn’t disclosed how much she has until now.
Lummis revealed during the CNBC interview that she bought and still holds five bitcoins eight years ago at a price of $300 per one. With BTC’s appreciation against the dollar within that time, her investment has multiplied by a factor of more than 100 with today’s prices.
She has no plans of realizing any profit, as of now.
