Senator Lummis puts her money where her mouth is and loads up on Bitcoin

Cynthia Lummis, Republican Senator for Wyoming, and champion of crypto, bought the dip in bitcoin, according to an SEC filing on Thursday. The Senator bought between $50,000 to $100,000 in bitcoin value on 16 August, when the price was around $45,000.  

Senator Lummis has backed up her support of bitcoin and cryptocurrencies by going large on Bitcoin. This latest purchase nearly doubled what she already owned.  

According to the SEC filing bought the bitcoin on 16 August from a bitcoin exchange named River Financial. This followed Lummis making a statement in June, when she encouraged retired people in the US to buy the number one cryptocurrency in order to “diversify their retirement portfolios. 

An article on Business Insider quoted the Senator during the CNBC Financial Advisor Summit. She 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," 

Lummis also divulged that she personally owned 5 bitcoins, that were valued at around $170,000 at that time in June. Her latest purchase was made when bitcoin was at a price of $45,000, making the Senator up on the trade given that today’s price has climbed to around $55,500. 

Lummis’ own state of Wyoming has passed more than its share of pro cryptocurrency laws, including the first law to allow US banks to hold both fiat and cryptocurrencies. 

Even though Lummis is also extremely pro the innovations that cryptocurrency brings to the table, she is also keen to see stablecoins regulated and made to prove that they are 100% backed. This comes after Tether revealed that it was only backed by a small percentage of cash – the rest was in commercial paper. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.