Wyoming Republic senator Cynthia Lummis, well-known for being a cryptocurrency proponent, has nearly doubled the amount she had invested in bitcoin, spending between $50,001 and $100,000 to buy the flagship cryptocurrency in mid-August.
At the time of the Senator’s purchase, the flagship cryptocurrency was trading at around $45,000, meaning she did not exactly buy the dip under $30,000 seen earlier this year, but is already in the green as CryptoCompare shows BTC is currently trading around $55,500.
As Markets Insider reports, this isn’t the first time Lummis bought BTC. In June, the Senator encouraged people to diversify their retirement portfolios with a small allocation to the cryptocurrency, and said she held 5 BTC. Those coins were at the time worth $170,000 and are now worth over $270,000.
Speaking during CNBC’s Financial Advisor Summit, Lummis said:
I would like to see cryptocurrency like bitcoin become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.
Last month, Lummis said stablecoins should be fully backed and regulated, shortly after Tether revealed its USDT reserved only included a small cash allocation, with most of the funds being in commercial paper, short-term bonds, and other cash equivalents.
Lummis was notably among the regulators who presented an amendment to the U.S. Senate to better define the term “broker” when it came to regulating taxes on cryptocurrencies. Shortly after being elected, the senator spoke about BTC on live TV during an interview.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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