Speaking at the CNBC Financial Advisor Summit on June 29, Senator Cynthia Lummis said she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds. She said it would help them protect from inflation. “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” U.S. Senator added.
Cynthia Lummis warns of the inflation risks caused by government spending and money printing.
Cynthia Lummis also emphasized the importance of maintaining a “diverse asset allocation” and warned of the inflation risks caused by government spending and money printing. She stated, “The Congress spends trillions and trillions of dollars and floods our economy and the world economy with U.S. dollars, there’s no way that we cannot debase the value of the U.S. dollar.” Bitcoin has witnessed a lot of mainstream exposure over the last few years, but the volatile nature of the leading cryptocurrency still remains a huge concern among critics.
Lummis revealed that she currently owns 5 BTC in total.
During the interview, senator Lummis revealed that she currently owns 5 BTC in total, having bought her first Bitcoin way back in 2013 for roughly $330. Despite her Bitcoin bullishness, she emphasized that diversification is the key and not to go all-in on bitcoin. “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,” the pro-crypto U.S. senator added. Many are still skeptical of the senator’s idea, given the high volatility of the asset and regulatory concerns.