Connect with us


This U.S. Senator discloses vast Bitcoin holdings while talking of 401k plans



Senator Cynthia Lummis reiterates support for Bitcoin in 401k retirement plans
Source: Unsplash

  • Senator Cynthia Lummis believed that everyone should make Bitcoin part of their retirement savings
  • However, BTC’s volatility made the plan contentious

Cynthia Lummis, Wyoming’s United States Senator, has been a staunch supporter of cryptocurrencies for quite some time now. The US lawmaker, who has also been referred to as Washington’s “Crypto Queen,” previously disclosed that she held between $100,000 to $350,000 worth of crypto tokens. 

Senator Lummis defends Bitcoins in retirement funds

In an interview with Semafor on 12 December, Senator Lummis came out swinging in favor of US citizens who wished to hold Bitcoin [BTC] in their 401k retirement plans. While talking about the largest cryptocurrency, she said,

“I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies.” 

Cynthia Lummis was featured in an interview by CNBC, along with fellow Senator Kirsten Gillibrand. The lawmakers indicated that American investors should feel comfortable, including Bitcoin [BTC] in their retirement funds. 

The trouble with Bitcoin in 401ks

Earlier this year in April, investment giant Fidelity announced its plans to let investors add Bitcoins to their 401k retirement accounts. A 401k is a retirement savings plan offered by many American employers which holds annual contributions. This was a major move, given that Fidelity catered to 23,000 companies as their retirement plan provider. 

Lawmakers in the US were divided over this decision. The country’s Department of Labor expressed concerns given the volatile nature of cryptocurrencies. This was followed by a letter penned by Senators Richard Durbin, Elizabeth Warren and Tina Smith, to Fidelity Investments. This letter urged Fidelity to reconsider their decision to expose US citizens’ retirement savings to Bitcoin, given the downturn of the crypto market. 

Senator Lummis not worried about Bitcoin

However, Cynthia Lummis admitted that she was confident in Bitcoin’s value, given that only 21 million tokens will ever exist. As for the crypto winter, the Senator told Semafor that her support for BTC remained undeterred.

Furthermore, at the time of writing, she had a bipartisan bill in the pipeline, which would reportedly treat cryptos as commodities. The bill would reportedly be introduced in January 2023. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.