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Senator Cynthia Lummis (R-WY) joins Market Domination to share her perspective on the cryptocurrency market as bitcoin (BTC-USD) drops below $85,000.
"It's not unusual for assets, at this point in time, after a change in presidency, to pull back," she explains to Yahoo Finance, adding that it is "typical" in February for assets to see a "slump" after a new president takes office.
However, she notes that it would be a "surprise" if bitcoin didn't recover during the second quarter this year.
Regarding bitcoin reserve legislation, Lummis emphasizes, "We need to help people understand that short-term volatility is going to happen with bitcoin — it always has. The goal of a strategic reserve is to buy or convert current assets into bitcoin and then hold them ... that way, we can remove the short-term volatility from the equation and look at this as a long-term strategic asset."
Nonetheless, she acknowledges, "We have more work to do," though remains confident it can be accomplished under what she considers a "favorable" Trump administration.
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This post was written by Angel Smith