US senator encourages Bitcoin investment, warns against dollar depreciation


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TL;DR Breakdown

  • Senator Lummis calls for BTC investment among Americans
  • Lummis predicts imminent fall in the value of USD

Cynthia Lummis, a US politician, and senator has urged Americans to try and invest in Bitcoin as a hedge against dollar depreciation.

She held that a falling value for the dollar is imminent, calling for Bitcoin investment. While outlining her support for the currency, she held that she owns five Bitcoins purchased eight years ago for $300 a piece.

Why Lummis wants Americans to make Bitcoin investment

While the senator was speaking on CNBC‘s Financial Advisor Summit, she publicly reiterated her belief in bitcoin as an investment tool and store of value.

She said that the digital asset should have a place in broader portfolios, especially 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 with a retirement fund, I’d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value.

The former US attorney also spoke about El Salvador’s recent actions to adopt BTC as legal tender as important news coming from a country that could benefit from it.

She said citizens of superpowers like the US could also gain from utilizing BTC especially after the unprecedented monetary policy undertaken by the Fed last year.

Lummis pointed at the fact that Congress spends trillions and trillions of dollars and floods the economy and the world economy with dollars. To her, there’s no way that the value of the USD would not debase.

Lummis crypto holding

She revealed she had five BTC, which she purchased in 2013. She never revealed if she bought more, however.

During the CNBC broadcast, though, the US Senator noted that she still holds five BTC bought eight years ago at $300 per one.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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