Senator Lummis of Wyoming said that it is a good idea to buy Bitcoin for retirement. The senator made her stance known during an interview with Power Lunch on the 28th of August, 2022. The “bitcoin senator” is an advocate for bitcoin on Capitol Hill.
She is one of the many voices that have wadded into the bitcoin debate over the years. While most have argued the legitimacy and longevity of the asset, Senator Lummis has taken it a step further by actually imploring people to consider bitcoin a viable retirement benefit tool.
Savings for Retirement
In her interview, she said:
“I encourage people to buy and hold. I encourage them to save bitcoin for their retirement, for their future”.
Her major argument stemmed from the fact that the US dollar will inevitably debase its value as huge amounts are being pumped into the economy to tackle recession and other ongoing negative economic phenomena.
She argues that:
“As 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 can not debase the value of the US dollar”.
It’s also a fair point to note that the senator practices what she preaches. As of the time of reporting, Senator Lummis is an active investor and hodler of bitcoin. She makes up a list of prominent government advocates of bitcoin who are also investors.
Buy #Bitcoin and hold for retirement – Sen. Cynthia Lummis
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) August 28, 2022
Buying And Hodling of Bitcoin
Senator Lummis says that:
“I buy bitcoin and I hold bitcoin.”
She further reveals that she has a total of 5 whole bitcoins at the moment. Considering the current price as well as projections for the asset, the senator will no doubt be looking forward to her retirement.
Furthermore, she revealed that she bought all 5 in 2013 at the rate of $300 dollars each.
Following the interview, many have lauded her words as visionary. However, some still express skepticism over the long term prospect of Bitcoin.