Senator Lummis ‘comfortable’ including Bitcoin in retirement funds amid bear market

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US Senator Cynthia Ramis remains an avid Bitcoin supporter and wants to add Bitcoin to her retirement plan amid struggling crypto markets.

“We are very happy to allow people to include Bitcoin in their retirement savings because Bitcoin is very different from other cryptocurrencies,” Lummins said recently. share with a semaphore.

However, this is not the first time senators have taken a positive stance on Bitcoin. By Cynthia Lumis, June 2021 talked At the CNBC Financial Advisors Summit, he urged Americans to use Bitcoin for retirement planning as part of their diversification strategy. Again, interview Six months ago on CNBC, Lummis encouraged Americans to invest their retirement money in Bitcoin.

Since then, the market has taken some serious hits as it struggled with the FTX debacle, resulting in bankruptcies and panic. Bitcoin’s price then plummeted to new lows and is now 70% below its peak.

Bitcoin enthusiast Cynthia Lumis

Lummis is a well-known cryptocurrency advocate on the Capitol, and according to her financial disclosures, she holds between $100,000 and $350,000 in tokens.

“I personally believe Bitcoin will go up as there are only 21 million Bitcoins to be mined,” Lummis added. “It’s a personal belief based on its rarity.”

The senator said Bitcoin was the only cryptocurrency to qualify as a commodity due to the Ethereum merger in September. She now sees Ethereum as her security.

Lummis is one of the architects of the landmark uniform bill. Lumis-Gillibrand Actto end confusion about whether cryptocurrencies are commodities or securities.

Although the market has been turbulent lately, she plans to reintroduce the bill in January to clarify certain terms such as “digital assets.”and previous statementshe said the FTX demise has only increased enthusiasm to reintroduce the bill in next month’s new Congress and set clear regulatory standards that benefit consumers involved in digital asset trading. .

Additionally, the senator was scheduled to meet with the SEC shortly after receiving concerns about certain “unintended consequences.”

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