What Happened: U.S. Senator Cynthia Lummis thinks people should be buy and hold Bitcoin BTC/USD to save for their future and retirement.
Speaking at the CNBC Financial Advisor Summit on Tuesday, Lummis said, “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,” she added.
Lummis also revealed that she personally holds 5 Bitcoins, which amounted to a total of $175,000 at the time of writing. However, she acquired her very first Bitcoin for just $330 back in 2013, gaining 10,500% on her initial investment.
“I see it is a great store of value, but I don’t see it right now, for me anyway, as a means of exchange. So, I want to buy and hold. I encourage people to buy and hold,” said Lummis, who has no plans of selling.
The Wyoming Senator is known for her crypto-friendly stance, which has led to several policies in the state favoring cryptocurrency businesses.
Among these policies was the approval of a banking charter for crypto-exchange Kraken.
“We know that states like Texas and Nebraska are looking at Wyoming’s laws to perhaps get in on the same kind of opportunity,” she said.
Price Action: Bitcoin was trading at $34,769 at the time of writing, down 3.75% in the past 24-hours.
Image: Gage Skidmore on Wikimedia Commons
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