US Lawmaker: Crypto Assets Are Here to Say, Diversified Portfolios Should Have Crypto Exposure
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
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 “Actively trading would be a huge exaggeration.”
The senator from Pennsylvania explained:
Ever since I could accumulate any savings, I had a very simple strategy — diversify.
He described that he is taking this strategy because he has been “doing other things rather than evaluating companies and picking stocks.”
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 Investments’ bitcoin and ethereum trusts.
The spokeswoman for the senator told Marketwatch that crypto makes up less than 1% of Toomey’s overall investment portfolio.
“Since 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,” 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 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: “We 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.”
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