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Senator Cynthia Lummis Shows Support for Cryptocurrencies in US Retirement Plans

US Senator Cynthia Lummis looks forward to seeing US citizens relying on Bitcoin as a part of a diverse strategy for their plans for retirement. When any senior politician attempts to break away from the stigmatized image of cryptocurrency it is always a breath of fresh air. Planning for your retirement based on crypto takes away from the perception that crypto is a gambling game.

When giving her speech during the CNBC Financial Advisor Summit held on the 29th of June, the senator said she looks forward to seeing Bitcoin, as well as other cryptocurrency assets, evolve into a normal part of all diversified allocations of assets used for retirement plans for protection from inflation.

She also included that she would like to see people be capable of using Bitcoin and other virtual currencies they prefer that are not only safe but are compliant with combative money-laundering guidelines and the Bank Secrecy Act.

She stressed the significance of the maintenance of a diverse allocation of assets. She also warned of inflation risks owing to government expenditures as well as money printing. She added the Congress spends an unlimited amount of funds and is flooding the US economy and the global economy with US dollars. She added that the value of the US dollar cannot be debased.

While US residents have been able to include virtual currency assets in their retirement funds since the IRS (or Internal Revenue Service) first released guidance in regards to the sector earlier in 2014, the practice of people holding virtual assets in their retirement funds has always been obscure.

Despite the first cryptocurrency-oriented retirement plans starting to appear in 2020, most experts have always shown scepticism towards the trend. Aaron Pottichen, senior VP at Alliant Retirement Counselling informed CNBC on June 22 that plan sponsors are generally still very doubtful of adopting any kind of virtual currency in their investment selection. While being interviewed, Lummis disclosed that she currently holds 5 Bitcoins in total, the first one being bought in 2013 for approximately 330 USD.

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