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- Senator Cynthia Lummis bought bitcoin amidst decrease in price
- She bought $50,000 to $1,00,000 when the price of Bitcoin was $45,000
- She is also interested in investing in Stablecoins
Senator Cynthia Lummis of Wyoming has increased her bitcoin holdings by nearly tripling her previous holdings, indicating that the crypto-friendly lawmaker has a personal investment in the industry.
Lummis purchased bitcoin on August 16 via River Financial, a bitcoin exchange platform, for between $50,0001 and $100,000, according to an SEC filing.
Bitcoin was hovering about $45,000 at the time of the transaction, a long cry from this year’s lows of under $28,000. However, it was still well below the current market price of roughly $54,000.
Urging people to invest in bitcoin
Lummis isn’t the first person to invest in bitcoin. She urged people to buy bitcoin to diversify their retirement portfolios in June, claiming to own 5 bitcoins worth $170,000 at the time.
I’d like to see cryptocurrency like bitcoin become part of a diverse asset allocation that’s utilised in retirement accounts and other ways for individuals to save for the future, the senator said.
Eyeing for stablecoins
Stablecoins, which are cryptocurrencies tied one-to-one to an underlying asset like a fiat currency or bonds, are also on her radar. After the largest stablecoin, tether, revealed that coin was only backed by a small proportion of dollars and most of its reserves were made up of commercial paper, Lummis argued last month that these tokens should be properly backed by cash and regulated.
Lummis is a crypto champion at heart, and he was one of the senators who proposed an amendment to the US Senate to better define the term broker for the purpose of regulating cryptocurrency taxation. In the last few years, her home state of Wyoming has approved a number of crypto-friendly regulations, including one that permitted the first fully regulated banks in the United States to store both crypto and fiat currencies.
Tags: Cynthia Lummis, US senator, Bitcoin, Cryptocurrency, Stablecoins, crypto champion,
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
