U.S. senator encourages people to buy Bitcoin for retirement

Jun 30, 2021 0 comments

U.S. Senator Cynthia Lummis (R.-Wyo.) said Tuesday that she encourages average investors to purchase Bitcoin as part of their retirement strategy.

Speaking at the CNBC Financial Advisor Summit, Lummis also pushed for the Federal Reserve to launch its own digital currency. She argued that this would help keep the U.S. dollar as the world's reserve currency.

Detailing her Bitcoin investment advice, Lummis advocated the strategy as a hedge against inflation, saying "there's no way we cannot debase" the U.S. dollar over time.

As to her own holdings, Lummis said she had five Bitcoin. She said she bought her first one for $330 in 2013.

"For me, I see bitcoin as a great store of value," she said. "I buy bitcoin and I hold bitcoin."

Lummis described Bitcoin holdings as a good way to diversify a retirement portfolio.

"I don’t want everybody putting all their money in Bitcoin just like I don’t want everybody putting it in dollars and putting it under a mattress," she said. "I like diversification."

The senator added that other cryptos might have selling points as well, but she doesn't have much knowledge of the market outside of Bitcoin.

"The only one I really understand is Bitcoin," she admitted.

Earlier this week, a top Fed official downplayed the value of a central bank digital currency. Likening it to "deluded crazes or fads," Randal Quarles, vice chair for supervision for the Federal Reserve, said that the upside was unclear and that launching a digital currency would be expensive and came with risks.

Sourced from seekingalpha.com.

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