“Buy and HODL Bitcoin to Save for the Future”

Senator Cynthia Lummis desires Americans to see crypto as a method to diversify retirement and long-term financial savings — and he or she is doing the identical now.

In a latest interview with CNBC, the US senator who is taken into account “Bitcoin-friendly” stated that she is holding about 5 BTC, the primary time she purchased BTC when it was at $330. Lummis says she encourages folks to “buy and HODL” as a method to save for the longer term.

“I am nervous about keeping all my retirement funds in US dollars. As a way of diversification, which has a very diverse distribution of assets, you shouldn’t put all your eggs in one basket,” she said. “I think one of the most enduring stores of value is bitcoin.”

Currently, Bitcoin is the one cryptocurrency within the Senator’s portfolio as it’s the solely coin she feels “really understands”. However, she acknowledged that her endorsement doesn’t imply that Bitcoin is the one helpful cryptocurrency, including that Ethereum might even have advantages.

Through initiatives just like the Financial Innovation Caucus, she hopes to assist get Bitcoin regulated in order that it may be used as a long-term portfolio diversification asset, in addition to utilizing it as a medium of trade.

“So whether you are a pensioner – I would like to see retirement funds invested in bitcoin and other cryptocurrencies, a good store of value – I would also like to see individuals can safely use their bitcoins and favorite cryptocurrencies, has met the Bank Secrecy and Anti-Money Laundering Act barriers, but allows people to use their mobile phones to send stores of value, bitcoin, to each other.”

However, based on Lummis, this could be a troublesome prospect.

This would require compliance with relevant anti-money laundering legal guidelines in addition to the Bank Secrecy Act with out hindering the fast-paced innovation of cryptocurrencies, based on Lummis. It would additionally require creating crypto-related public infrastructure, like a digital greenback, whereas addressing privateness issues, she stated within the interview with CNBC.

“We don’t want to be overly regulated or regulated differently between traditional banks and non-fiat currency banks, because we want them to be on a level playing field,” she stated.

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According to The Block
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