The US dollar is going to debase due to the Fed’s actions, and people should buy and hold bitcoin for protection, urged US Senator – Cynthia Lummis. She has outlined her support for the primary cryptocurrency for a while as she owns five bitcoins purchased eight years ago for $300 apiece.
Appearing on CNBC’s Financial Advisor Summit, the US attorney serving as Wyoming’s first female Senator reiterated her belief in bitcoin as an investment tool and store of value.
She believes the asset should have a place in broader portfolios, especially such oriented for the long run.
“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that is 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.”
She also highlighted El Salvador’s recent actions to adopt BTC as legal tender as important news coming from a country that could benefit from it.
Furthermore, she also believes that citizens of superpowers like the US could also see merit from utilizing bitcoin, especially after the unprecedented monetary policy undertaken by the Fed last year.
She noted that Congress is spending “trillions and trillions of dollars and is flooding our economy and the world economy with dollars, there’s no way that we cannot debase the value of the US dollars.”
As previously reported, Lummis indeed practices what she preaches as she purchased her first set of bitcoins back in 2013. She hadn’t disclosed how much she has until now.
During the CNBC interview, though, the US Senator revealed that she bought and still holds five bitcoins eight years ago at a price of $300 per one. With BTC’s appreciation against the dollar within that time, her investment has multiplied by a factor of more than 100 with today’s prices.
Nevertheless, she has no plans of realizing any profit as she is a HODLer.
