The Republican Senator Cynthia Lummis stays unfazed by the continuing bear market, saying Individuals ought to really feel protected investing their retirement financial savings in bitcoin.
The politician is among the many greatest advocates of the first cryptocurrency and is even a HODLer.
‘Bitcoin is Completely different’
The turmoil on the planet of crypto, the quite a few bankruptcies, the scandals, and the worth decline of most digital currencies, haven’t modified Senator Lummis’ stance on bitcoin.
In a latest interview for Semafor, she reiterated her view that including BTC to 401(okay) plans may very well be a affluent transfer:
“I’m very snug with ensuring that folks can embody bitcoin of their retirement funds as a result of it’s simply completely different than different cryptocurrencies.”
Senator Lummis as soon as once more praised the asset for its shortage and a restricted most cap of 21 million. In line with her, that can drive its USD valuation up sooner or later:
“That’s a private perception, simply primarily based on its shortage.”
Some American politicians usually are not so supportive of investing retirement funds in bitcoin. Earlier this 12 months, Senator Warren questioned Constancy’s determination to allow buyers to place bitcoin into their 401(okay) plans.
“Investing in cryptocurrencies is a dangerous and speculative gamble, and we’re involved that Constancy would take these dangers with thousands and thousands of Individuals’ retirement financial savings,” she mentioned on the time.
Lummis additionally intends to reintroduce her crypto invoice in January and can meet with the SEC to debate all the main points. The proposed laws goals to grant shoppers most safety and set sure taxation requirements.
‘Thank God for Bitcoin’
The Republican Senator criticized the US authorities for letting the nation slip into such a financial disaster final 12 months. In her view, the American greenback may lose its energy sooner or later, which is why officers ought to be certain that “non-fiat currencies” can flourish as a substitute.
Bitcoin’s decentralized nature may give individuals the monetary freedom they want and act as a defend if such an occasion happens:
“Thank god for Bitcoin and different digital currencies that transcend the irresponsibility of governments – together with our personal. That’s an indictment of our accountability to handle this looming, predictable, huge concern.”
Lummis has been a BTC advocate for years and has even invested a few of her wealth in it. She purchased 5 bitcoins in 2013 when its value was hovering round $300 and topped up her stash with as much as $100,000 value of BTC final August.
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