‘Bitcoin Will Go Up’: Senator Lummis Defends BTC In Retirement Plans

With the rapid adoption of bitcoin over the last few years, the digital asset has been able to make its way into traditional finance. One of the most prominent of these was the inclusion of bitcoin into retirement plans such as 401Ks. As the price of BTC has suffered in the past year, the plans holding BTC have also seen a massive decline, prompting calls to remove the asset from these important plans. However, not everyone has lost their faith in the digital asset, and one of those is Senator Cynthia Lummis.

Bitcoin Still In The Running

Speaking with Semafor on Monday, Senator Cynthia Lummis once again showed support for bitcoin. The US lawmaker has been vocal about her bullishness when it comes to the digital asset and believes that having the option to have BTC in retirement plans is still a good move.

For Lummis, bitcoin presented a unique opportunity given that it is different from other cryptocurrencies. “I’m very comfortable with making sure that people can include Bitcoin in their retirement funds because it’s just different than other cryptocurrencies,” the senator said.

Bitcoin price chart from TradingView.com

BTC price trading above $17,000 | Source: BTCUSD on TradingView.com

This comes even as the majority of US lawmakers continue to be against bitcoin’s addition to traditional finance. Lummis had defended Fidelity’s decision to allow people to add BTC to their retirement plans, as she believed that the digital asset is a good way to diversify a portfolio. Nevertheless, the move continues to meet opposition from the likes of the US Department of Labor and senators Elizabeth Warren and Richard Durbin, especially with the market downturn.

BTC Will Go Up

When it comes to the long-term outlook for BTC, Lummis has never been one to shy away from sharing her beliefs for the future of the digital asset. Lummis, who personally invests in the cryptocurrency, believes that the price of bitcoin will continue to rise.

For the senator, the limited supply of bitcoin is a bullish argument for it. “I personally believe that because there are only going to be 21 million BTC that are mined, that Bitcoin will go up. That’s a personal belief, just based on its scarcity,” she explained.

Lummis is not the only one that presents the scarcity of the digital asset as a reason they expect continued success. Other notable personalities such as Anthony Scaramucci and Cathie Wood have also made the same argument. Both have actually forecasted that the price of the digital asset will reach six figures in the next few years.

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