“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.
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.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
Bitcoin trading volume has surged to an all-time high of $145 billion in the last…
Italy considers lowering its proposed Italy crypto tax increase to 28% from an initial 42%,…
Bitcoin Spot ETF Inflows Hit $818M as Net Inflow Streak Extends to 5 Days, with…
Elon Musk applies his X (Twitter) management style to politics. His political strategies, including voter…
PayPal stablecoin PYUSD can now transfer seamlessly between Ethereum and Solana via LayerZero.
President-elect Trump plans to establish the Department of Government Efficiency, led by Elon Musk and…
This website uses cookies.