Senator Cynthia Lummis (R-WY) appears on Market Domination to discuss her views on the cryptocurrency market as bitcoin (BTC-USD) falls below $85,000.
“It’s common for assets to experience a pullback at this juncture, particularly following a presidential transition,” she tells Yahoo Finance, noting that it is “standard” for assets to experience a “dip” in February after a new president assumes office.
However, she expresses that it would be a “shock” if bitcoin fails to bounce back in the second quarter of this year.
On the subject of bitcoin reserve legislation, Lummis stresses, “It’s important to help people grasp that short-term fluctuations are part of bitcoin’s nature — they always have been. The purpose of a strategic reserve is to procure or convert existing assets into bitcoin and then retain them … this way, we can mitigate short-term volatility and assess it as a long-term strategic asset.”
Nevertheless, she concedes, “There’s more to be done,” but remains optimistic about achieving it under what she views as a “favorable” Trump administration.
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This article was authored by Angel Smith
