March 28, 2024

Senator Cynthia Lummis suggests Americans use Bitcoin for retirement savings

Senator Cynthia Lummis suggests Americans use Bitcoin for retirement savings

US Senator Cynthia Lummis wants Americans to use cryptocurrency to diversify their retirement savings over the long term.

In an interview with CNBC, she said she was concernedpension plans that are 100% dollar-denominated and encourages people to use Bitcoin to avoid “keeping all their eggs in one basket.” Cynthia Lummis herself now has about 5 BTC and bought the cryptocurrency for the first time for another $330.

The senator suggested that American pension funds also diversify their long-term portfolios with the help ofBitcoin, calling it “a good store of value.” Although she personally prefers BTC, she notes that Ethereum is also a promising project.

In addition, Cynthia Lummis wants peoplecould use cryptocurrency in everyday life, just like cash and bank cards. However, it understands that this is a complex task, as it requires compliance with anti-money laundering and bank secrecy laws, creating appropriate infrastructure and addressing privacy concerns.

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