Cryptocurrency should be part of retirement plans’ diversified portfolio in the United States, Senator Cynthia Lummis touted.
(Photo : By Tom Williams/CQ Roll Call)
UNITED STATES – NOVEMBER 18: Rep. Cynthia Lummis, R-Wyo., is interviewed by CQ Roll Call in her Rayburn Building office, November 18, 2015.
Lummis, a lawmaker and a Bitcoin believer, wants the citizens of America to follow in her footsteps in long-term digital assets investing.
The first woman Wyoming senator said in a Bitcoin Conference in Miami on June 16, that she is going all-in for the said crypto, Bitcoinist reported.
Now, she specifically wants to normalize Bitcoin as part of the overall investment portfolio of the U.S. folks for their retirement, Coin Telegraph noted.
Cryptocurrency for Retirement Plans and US Senator Cynthia Lummis
On June 29, Senator Lummis further told the attendees of the CNBC Financial Advisor Summit that she wanted cryptocurrencies to be a standard allocation for retirement funds as dollars face the wrath of inflation over time.
American citizens started allocating their preferred crypto in their retirement funds in 2014. It came after the Internal Revenue Service allowed the digitals assets for such plans.
Although 2020 has birthed the rise of retirement plans that encouraged crypto investment, most citizens still follow the traditional asset allocation for their future.
Meanwhile, cryptocurrencies have further attracted asset managers as the latter now allocated a chunk of them in their portfolios. Victory Capital, along with NASDAQ, hinted that they are initially buying a whopping $160 million worth of crypto as part of their managed assets.
Retirement Fund vs. Inflation
Furthermore, Senator Lummis warned about the risk of inflation, which anchors to the endless printing of dollar bills and how the government is spending its treasury. She raised the possibility of the U.S. dollar losing its value eventually as Congress never ceases to shell out trillions of money.
On June 24, CNBC reported that the U.S dollar index has slipped by 0.26% as consumers still refrain from spending. The recent data was contrary to the forecast that American spending is about to rise by 0.4% in May.
Read Also: Cryptocurrency Rise Enables Ransomware Attacks to Increase, FireEye CEO Claims
Cryptocurrency and Senator Lummis
The Wyoming senator is known to be a prominent proponent of cryptocurrency, focusing on Bitcoin. Lummis is outspoken with her current investment in the said digital asset.
She boasted that she owns a total of 5 Bitcoin, which she first bought back in 2013.
(Photo : Costfoto/Barcroft Media via Getty Images)
YICHANG, CHINA – JUNE 23, 2021 – A view of bitcoin, Ethereum, Xipple, Litecoin and Dogecoin, Yichang, Hubei Province, China, June 23, 2021.
However, she still advocates for the diversification strategy even when it comes to cryptocurrencies. The lawmaker previously said that people should not invest in Bitcoin alone, as much as their bulk of wealth should not be solely in dollars.
Meanwhile, the bright news is that the ten largest cryptos are exiting their bloody month. The digital assets are improving their performance compared to the past 30 days, wherein they averaged in losing their value at -22.9%.
Related Article: Asset Manager Plans $160 Billion Entry to Crypto in Collaboration with NASDAQ
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Written by Teejay Boris
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