Key Takeways
- In a national television interview on Tuesday, Republican Senator Cynthia Lummis stated her support for Bitcoin (BTC).
- The senator believes that rising Aemrican inflation will inevitably lead to the depreciation of the USD.
- Even with such views, there does not appear to be much regulatory appetite for cryptocurrencies in the United States this year.
According to US Senator Cynthia Lumis, the US currency will depreciate as a result of the Fed's activities, and individuals should purchase and keep bitcoin for safety. She has been vocal about her support for the main cryptocurrency since she owns five bitcoins bought for $300 each eight years ago.
During an appearance on CNBC's Financial Advisor Summit, Wyoming's first female Senator, a US attorney, reaffirmed her confidence in bitcoin as an investment instrument and a store of wealth.
She thinks the asset should be included in larger portfolios, particularly those geared toward the long term.
"I would want to see cryptocurrencies, such as bitcoin, become a component of a diverse asset allocation utilized in retirement plans and other possibilities for individuals to save for the future. So, if you have a retirement fund as an employee, I'd want to see those money put in bitcoin and other cryptocurrencies that are excellent stores of value."
She also cited El Salvador's recent decision to accept Bitcoin as legal currency as significant news from a nation that might profit from it.
Furthermore, she thinks that people of superpowers such as the United States may find value in using bitcoin, particularly given the Fed's extraordinary monetary policies last year.
She said that since Congress is spending "trillions and trillions of dollars and flooding our economy and the global economy with dollars, there is no way that we cannot debase the value of US dollars."
Lummis, as previously reported, does what she preaches, having bought her first set of bitcoins in 2013. She had not revealed how much she had until now.
However, during the CNBC interview, the US Senator disclosed that she purchased and still owns five bitcoins at the cost of $300 each eight years ago. Her investment has increased by a factor of more than 100 with today's pricing due to BTC's rise versus the dollar at that period.
Nonetheless, as a HODLer, she has no intention of profiting.
What do you think about retiring on Bitcoins?
