US senator advises citizens to save in Bitcoin (BTC) as part of retirement pension funds

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US senator advises citizens to save in Bitcoin (BTC) as part of retirement pension funds

A Republican senator recommends that Americans buy Bitcoin (BTC). Convinced that the dollar may lose value, the politician advises pension funds to offer retirement plans, including cryptocurrency.

US Senator recommends investing in Bitcoin (BTC)

The United States Senator Cynthia Lummis recommends that Americans invest in Bitcoin (BTC). Convinced that cryptocurrencies have a future, this elected Republican considers Bitcoin a store of value rather than a currency of exchange.

“I see that it’s a great store of value, but I don’t see it right now as a medium of exchange […] So I want to buy and hold it. I encourage people to buy and own,” said Cynthia Lummis in an interview with CNBC on June 29, 2021.

The senator from Wyoming reveals that she holds 5 bitcoins or the equivalent of 175,000 dollars at the time of this writing. She claims to have bought her first Bitcoin in 2013 when the price did not exceed 330 dollars.

In the rest of the interview, Cynthia Lummis believes that the queen of cryptocurrencies is an attractive investment for Americans who want to secure their retirement.

“I encourage people to save Bitcoin for their retirement, for their future. By having a very diversified asset allocation, so that you don’t have all your eggs in one basket, I think one of the most important long-term stores of value is Bitcoin”, she detailed.

Bitcoin is a better investment than the dollar

To support her remarks, the senator assures that Bitcoin is an excellent way to protect against the inevitable loss of value of the US dollar. Cynthia Lummis notably points to Joe Biden’s $2 trillion support plan to stimulate the economy after the Covid-19 crisis.

“Congress is spending billions and billions of dollars and flooding our economy and the global economy with US dollars, there’s no way we won’t end up debasing the value of the US dollar. So I’m worried about having all of our retirement funds denominated in US dollars,” warns the Republican, who sees the dollar as “a bad investment.”

Fearful that the US dollar may lose value, Cynthia Lummis urges US retirement funds to look to the oldest cryptocurrency to offer “diversified asset allocation” to savers.

As a reminder, there is already a Bitcoin retirement plan in the United States. Launched in November 2020 by Digital Asset Investment Management (DAiM) and the Gemini exchange, this Bitcoin retirement plan allows companies to allocate up to 10% of their funds in cryptocurrencies.