U.S. Senator Pat Toomey says that crypto assets are here to stay and “a thoroughly diversified portfolio should have some.” The lawmaker added that he has a “very simple” investing strategy — diversify.
US lawmaker says crypto is here to stay
US Senator Pat Toomey spoke about cryptocurrency on CNBC on Wednesday. The senator was asked if he actively trades cryptocurrency. While admitting that crypto assets are part of his diversified investment portfolio, he clarified that “Actively trading would be a huge overstatement.”
The senator from Pennsylvania explained:
Ever since I could accumulate any savings, I had a very simple strategy — diversify.
He described adopting this strategy because he was “doing something other than evaluating companies and picking stocks”.
Senator Toomey said:
It seems to me that crypto assets are here to stay and a thoroughly diversified portfolio should have some.
In June last year, Toomey revealed that he had invested in bitcoin and ethereum trusts from Grayscale Investments.
The spokeswoman for the senator told Marketwatch that crypto makes up less than 1% of Toomey’s overall investment portfolio.
“Ever since Senator Toomey began accumulating savings years ago, he believed that the best approach to generating long-term wealth was to have a highly diversified investment portfolio,” he said. she detailed.
Noting that “crypto has become a meaningfully-sized asset class,” the spokesperson emphasized that “maintaining a well-diversified investment portfolio now means owning some crypto.”
Senator Toomey then explained:
I have always been an advocate of free markets, limited government, lighter regulation and lower taxes.
He was also asked whether lawmakers should be able to invest in crypto assets when they have the ability to influence their regulation.
Senator Toomey replied, “We have a very extensive disclosure regime. Each transaction must be declared. All assets must be declared. People can see what members of Congress are doing and draw their own conclusions. »
