Cynthia Lummis, an American senator, suggests the citizens of the country utilize cryptocurrency as a means to expand their retirement as well as the longstanding savings as she is doing similar already. The senator, who is reported as Bitcoin-friendly, disclosed that she possessed nearly five BTC at the time when she appeared in the latest interview with CNBC. She mentioned that firstly she purchased it when its price was $330. She boosted the people to purchase and stock Bitcoin (BTC) to be used for saving their future.
She revealed that she was worried about the retirement salaries to be conveyed mainly in American dollars. Pointing to this, she stated that although people do not have freedom in this matter, they carry an option to expand their asset allocation, which is to put and hold their savings in cryptocurrency, which is counted among the vigorous stocks of value, particularly Bitcoin (BTC) is recommended for a long term store.
Since she only considers Bitcoin to be a cryptocurrency as her portfolio just contains BTC, even then, she clarifies that there are cryptocurrencies other than bitcoin, such as Ethereum, that can also be beneficial in the same way.
Lummis expects to assist the regulatory process of crypto in making it as much secure as everyone could feel it a reliable means of assets to enlarge their portfolios and utilize for exchange. She elaborated her point by saying that employed people should invest their retirement funds in cryptocurrencies, but simultaneously they should ensure that the opted cryptocurrency is safe and the things like money laundering and security are taken into consideration. She further described that they had tackled the issues in the Act of Bank Secrecy and money laundering, but for that purpose, the individuals have to utilize their mobile phones for sending BTC and other assets to each other.
During the interview, she added that it would be difficult to abide by the previously mentioned Act as well as the other laws without disturbing the speed of advancement in crypto. To deal with this scenario, she expressed, there is a need for developing public infrastructure regarding crypto, including the creation of the dollar’s digital form simultaneous to the handling of privacy concerns. She concluded her talk by explaining that diverse regulation of the existing banking or its over-regulation is not desired by the authorities because they want both currency types to play at the same level.