Senator Cynthia Lummis says that Bitcoin (BTC) allows Americans to diversify their assets amid concerns that the value of the US dollar may decline.
Despite the US dollar’s dominance as the world’s reserve currency, the legislator from Wyoming tells her 34,700 followers on Twitter that current government spending is threatening its value.
I believe USD should and will continue to be the world’s reserve currency. BUT spending like drunken sailors is not serving the American people, or the value of USD, well. (1/X) https://t.co/am7XyAPC53
— Cynthia Lummis (@CynthiaMLummis) June 29, 2021
In an interview with CNBC, Lummis urges Americans to include Bitcoin in their retirement savings strategy, describing the top crypto as a great store of value.
“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. I encourage them to save Bitcoin for their retirement, for their future.”
“As the Congress spends trillions and trillions of dollars, and is flooding our economy and the world economy with US dollars, there’s no way that we cannot debase the value of the US dollar. So, I worry about having all of our retirement monies denominated in US dollars. As part of diversification, having a very diverse asset allocation – so you don’t have all your eggs in one basket – I think one of the strongest stores of value for the long run is Bitcoin.”
Lummis says she is holding 5 BTC. She bought her first Bitcoin in 2013 for only $330. In April it hit an all-time high, topping $64,000. It’s now trading at $34,516 at time of writing.
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