US Senator Cynthia Lummis Plans to Buy More Bitcoin as Value Dips

       June 24, 2021      Divya Mathur

US Senator Cynthia Lummis is “really excited” about the Bitcoin(BTC) dip as she plans to increase her holdings. During an appearance on Fox News, the Republican leader said that she was among the traders who capitalized on the currency’s deeply discounted prices. She also compared the digital asset with a stock investment from her past, which benefitted her immensely over time.

Bitcoin Has Good Fundamentals: Cynthia Lummis

During her interview, Lummis was asked how she felt about Bitcoin’s latest decline. The senator expressed her enthusiasm in response and indicated that the crash allowed her to accumulate more of the digital asset.

Lummis compared Bitcoin’s current price action with the performance of her favorite stock, United Rentals. She stated, “I bought it, and it dropped like a rock. I held onto it and, my gosh, it’s performed beautifully over the years for me.” She added that she saw Bitcoin repeating that history because “the fundamentals are good.”

The senate leader from Wyoming also touched upon the subject of cryptocurrency regulation. She indicated that she favored “a level playing field” and underscored the need for simpler rules that are easy to comprehend. Lummis also stressed that any regulations for the market should not be “overly restrictive because we want to see increased innovation in this space.”

Lummis Has Been a Vocal BTC Advocate

Lummis is a well-known Bitcoin HODLer who won the senate election last year.  At the time of her election, she revealed ownership of the flagship crypto and said,  “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply.” 

In February, she launched a Financial Innovation Caucus to educate fellow lawmakers on cryptocurrencies and blockchain. Lummis stated that the caucus would work to clear misconceptions related to digital assets and their use in money laundering and criminal activities.

Senator Lummis also participated in a panel discussion at this year’s Bitcoin 2021 Conference in Miami. She was joined by Warren Davidson, a Republican representative from Ohio.

Following its drop below the $30,000 support level on Tuesday, Bitcoin seems to have recovered by 5.5% and reclaimed the lost benchmark.