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This US senator holds 5 Bitcoin This US senator holds 5 Bitcoin

This US senator holds 5 Bitcoin

Cynthia Lummis made the comment in a recent CNBC interview, stating the asset finds its place alongside others in a retirement fund.

This US senator holds 5 Bitcoin

Cover art/illustration via CryptoSlate

In a Tuesday interview with news outlet CNBC, US Senator Cynthia Lummis said Bitcoin and other cryptocurrencies should be a part of oneโ€™s retirement portfolio alongside other assets as they are a good store-of-value.

โ€œOkay well, 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,โ€ Lummis said.

She added, โ€œSo whether youโ€™re an employee that has a retirement fund โ€“ Iโ€™d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value.โ€

The Wyoming senator is one of the few โ€˜crypto-friendlyโ€™ officials in the US. Back in November 2020, she shilled Bitcoin on national television, staring at the time that she intended to educate her colleagues on the asset and its store-of-value prowess.

She even said the US dollar was โ€œnot a good long-term investment,โ€ citing inflation as a major problem to plague the currencyโ€™s prospects.ย 

More Bitcoin adoption

Itโ€™s not all words and no play from Lummisโ€™ side either. She revealed holding over 5 Bitcoin in the Tuesday interview, a stash valued at over $176,000 at press time. Her first buy came back when Bitcoin traded at just $330, she further revealed.

Meanwhile, Lummis said sheโ€™d further like to see more adoption of the worldโ€™s largest cryptocurrency in everyday life instead of just speculation.

โ€œIโ€™d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,โ€ she said.

And usage is already beginning to happen. Last month saw El Salvador legalize Bitcoin as โ€˜legal tenderโ€™ in the country, with a primary focus on the Lightning network for processing payments and facilitating remittances.

Others like Panama and Paraguay are juggling with their own set of regulations to include Bitcoin and other cryptocurrencies as part of the broader economy.