Senator Lummis Feels “Comfortable” Adding Bitcoin To Retirement Accounts Despite The Downturn Market

US Senator Cynthia Lummis is still a devoted Bitcoin supporter, as she wants to add Bitcoin to retirement funds amid the struggling crypto market.

“I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies,” Lummins recently shared with Semafor.

But this is not the senator’s first time expressing support for Bitcoin. At the CNBC Financial Advisor Summit in June 2021, Cynthia Lummis urged Americans to incorporate Bitcoin into their retirement plans as a part of a balanced strategy. Again, Lummis urged Americans to put their retirement savings into Bitcoin in a six-month-old interview with CNBC.

The market has suffered some serious setbacks since that time as it battled through the FTX fiasco, followed by bankruptcies and panic. Following that, Bitcoin’s price fell to new lows and is currently 70% below its peak.

Cynthia Lummis, a Bitcoin enthusiast

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

“I personally believe that because there are only going to be 21 million Bitcoin that are mined, that Bitcoin will go up,” Lummis added. “That’s a personal belief, just based on its scarcity.”

The senator acknowledged that due to the September Ethereum merger, Bitcoin is the only cryptocurrency that meets the criteria for commodity status. Now, she considers Ethereum to be a security.

Lummis is one of the authors of the significant Lummis-Gillibrand legislation, which seeks to put an end to the debate over whether cryptocurrencies are securities or commodities.

She intends to propose this bill in January, defining specific terminology like “digital assets,” despite the recent market turbulence. In a previous remark, she said that the demise of FTX had only fueled the enthusiasm for reintroducing the bill in the new Congress next month and for establishing precise regulatory guidelines that would help traders of digital assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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