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US Senator says ‘buy bitcoin and hold’ for retirement

·2-min read
Senator Cynthia Lummis takes the oath of office during a mock swearing-in ceremony in the Old Senate Chamber at the Capitol on 3 January, 2021 in Washington, DC (Getty Images)
Senator Cynthia Lummis takes the oath of office during a mock swearing-in ceremony in the Old Senate Chamber at the Capitol on 3 January, 2021 in Washington, DC (Getty Images)

A US senator has called for people to buy bitcoin and save it as part of their retirement plan.

Cynthia Lummis revealed she had more than $100,000 invested in the cryptocurrency and planned to continue buying and saving more.

>> Follow all the latest updates with The Independent’s live coverage of the crypto market

Speaking at the CNBC Financial Advisor Sunnit, the Republican lawmaker said she hoped the crypto industry “grows and is nurtured and used”, and that regulation is brought up to speed with the financial and technological advancements that bitcoin brings..

“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.

“So whether you’re an employee that has a retirement fund – I’d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value – but 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, but that allow people to use their cell phones to send stores of value, bitcoin, to each other.”

Senator Lummis revealed for the first time that she personally owned five bitcoins, having bought the first one for $330 back in 2013. At the current market rates, 5 btc is worth roughly $168,000.

“For me, I see bitcoin as a great store of value. I buy bitcoin and I hold bitcoin,” she said.

“I encourage people to buy and hold. I encourage them to save bitcoin for their retirement, for their future... I think one of the strongest stores of value for the long run is bitcoin.”

Senator Lummis recently said she was “really excited” about the recent price crash because it would allow her to buy more of the cryptocurrency at a cheaper price.

Speaking to Fox Business News when bitcoin was below $ 30,000 in June, she said, “as soon as it drops a little more, I’ll buy more.”

She also said she hoped that any regulation introduced in the US will be “simple”, “easy to understand” and “not too restrictive”.

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