Lummis is a cryptocurrency advocate senator and acquired her first Bitcoin in 2013. She has kept investing in digital currency ever since. Now, her portfolio has grown considerably.
US Senator Cynthia Lummis, a Wyoming state Republican who is a cryptocurrency enthusiast, has revealed a significant bitcoin purchase of around $ 100,000.
According to the latest periodic transaction report filed by the senator with the Securities and Exchange Commission (SEC), Lummis received Bitcoin for between $ 50,001 and $ 100,000 in August.
According to the document, the purchase happened through the Rival Financial platform. CNBC was the first media outlet to report the news.
The US senator and her investments are currently subject to public scrutiny under a US law that requires senior politicians to submit reports on their financial decisions.
The STOCK Act of 2012 requires US senators and senior officials with incomes that would surpass $ 119,554 to disclose certain financial transactions.
This requirement might include every purchase, sale, or exchange of stocks, bonds, commodity futures. This requirement also includes securities if the transaction surpasses USD 1,000.
Senator Lummis Adds More Bitcoins to her Portfolio
According to CNBC, the latest Lummis report got filed outside of the 45-day time frames after the purchase required by law. A spokesperson for the senator clarified that the delay happened due to a presentation error.
The senator has not included her Bitcoin investments in annual Senate reports before. According to CNBC, in April of this year, Lummis submitted its financial disclosure form excluding Bitcoin.
A week later, she filed an amended disclosure revealing that she owned $ 100,000 to $ 250,000 worth of Bitcoins.
The senator’s latest bitcoin acquisition would have risen close to 20% amid the market surge. The flagship cryptocurrency surged above $ 55,000 this week for the first time since May.
Lummis is the first woman to be a Wyoming senator and is famous for being an enthusiast for digital currencies.
She has already called Bitcoin a “great store of value” in the past and believes that everyone should have the flagship cryptocurrency in their portfolio. She has also highlighted that she would like to see retirement funds invested in cryptocurrencies.
Lummis’ investments in cryptocurrencies mark one of the first in Congress, CNBC noted, citing data from Quiver Quantitative, a firm that studies the business movements of senators.
A Bitcoin Enthusiast Since 2013
The 66-year-old Republican, who previously served as Wyoming state treasurer for eight years, told CoinDesk last year that she had purchased her first Bitcoin in 2013 on the recommendation of her son-in-law and friends.
The senator also expressed that her family member educated her on the potential of Bitcoin as a store of value, leading her to jump on the cryptocurrency train when Bitcoin was still well below $ 1,000.
The senator revealed in June that she had a total of 5 BTC. She told the whole story of her investment during the Wyoming Blockchain Stampede event, which took place last year.
By: Jenson Nuñez