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U.S. Senator Pat Toomey says that crypto assets are here to stay and âa thoroughly diversified portfolio should have some.â The lawmaker added that he has a âvery simpleâ investing strategy â diversify.
US Lawmaker Says Crypto Is Here to Stay
U.S. Senator Pat Toomey talked about cryptocurrency on CNBC Wednesday. The senator was asked whether he was actively trading cryptocurrency. While admitting that crypto assets are part of his diversified investment portfolio, he clarified that âActively trading would be a huge exaggeration.â
The senator from Pennsylvania explained:
Ever since I could accumulate any savings, I had a very simple strategy â diversify.
He described that he is taking this strategy because he has been âdoing other things rather than evaluating companies and picking stocks.â
Senator Toomey opined:
It seems to me that crypto assets are here to stay and a thoroughly diversified portfolio should have some.
In June last year, Toomey disclosed that he had invested in Grayscale Investmentsâ bitcoin and ethereum trusts.
The spokeswoman for the senator told Marketwatch that crypto makes up less than 1% of Toomeyâs overall investment portfolio.
âSince Senator Toomey first began accumulating savings years ago, he has believed the best approach for generating long-term wealth was to have a highly diversified investment portfolio,â she detailed.
Noting that âcrypto has become a meaningfully-sized asset class,â the spokesperson emphasized that âmaintaining a well-diversified investment portfolio now means owning some crypto.â
Senator Toomey proceeded to explain:
I have always been an advocate for free markets, limited government, lighter regulation, 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: âWe have a very extensive disclosure regime. Every transaction has to be reported. All assets have to be reported. People can see what members of Congress do and they can draw their own conclusions.â
What do you think about Senator Pat Toomeyâs comments? Let us know in the comments section below.
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