Bitcoin as a retirement pay? Senator Cynthia Lummis says it’s possible

In an interview with CNBC, U.S. Senator Cynthia Lummis recently suggested that the U.S. government should consider cryptocurrencies as a viable option to diversify retirement and long-term savings. In fact, the senator herself is already practicing this suggestion. 

Lummis revealed that she is currently holding five bitcoins and she bought it when the crypto was still at $330 per coin. The senator said people should start buying and holding bitcoins as a new way of securing their future. 

She said in the interview that retirement money dominated by the U.S. dollar is really concerning, that is why diversifying one’s retirement funds is now more important than ever. 

A Bitcoin advocate in the Senate

Lummis said that her portfolio consists of only bitcoins because for now, it’s the only investment she can understand. But even with her endorsement of the digital asset, she said bitcoin shouldn’t be the only crypto that everyone should try. Ethereum, according to her, is also a good cryptocurrency option.

This year, the senator was assigned to the Senate Banking Committee and formed the “Financial Innovation Caucus” which aims to regulate the use of cryptocurrencies. 

Crypto adaptation comes with challenges

But even though Lummis is optimistic about the massive potentials of bitcoin, she acknowledges the challenges the cryptocurrency has to face. 

Embracing cryptos also means that everybody must comply with the existing laws such as anti-money laundering laws and the Bank Secrecy Act, including privacy-related laws, Lummis said. 

And the real challenge here, she said, is complying with these laws without slowing down the convenience of speed and mobility that cryptocurrencies provide. 

 

Image courtesy of Cointelegraph News/YouTube

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