Wyoming's crypto-backing senator Cynthia Lummis bought the bitcoin dip and loaded up on $50,000-100,000: filing
WyomingRepublican Sen. Cynthia Lummisbought bitcoinfollowing a slide in the price, an SEC filing showed Thursday.
- The Sen. purchased $50,001-100,000 of bitcoin on August 16, when it was around $45,000.
- Lummis is trying to make Wyoming the most crypto-friendly state in the US.
Wyoming Republican Senator Cynthia Lummis has added to her bitcoin holdings, almost doubling the amount she already owned, reflecting that the crypto-friendly politician has a personal stake in the sector.
Lummis spent somewhere in the range of $50,0001 to $100,000 to buy bitcoin on August 16 from River Financial, a bitcoin exchange platform, according to a SEC filing published Thursday.
Around the time the purchase was made, bitcoin hovered around $45,000 and was a far cry from this year's lows below $28,000. But its level was still comfortably below the current price of around $54,000.
This is not the first time Lummis has bought bitcoin. In June, she encouraged people to buy the cryptocurrency to diversify their retirement portfolios, and said she held 5 bitcoins valued at $170,000 at the time.
"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," the senator said during CNBC's Financial Advisor Summit.
She's also keeping a close eye on stablecoins, which are cryptocurrencies pegged one-to-one to an underlying asset, such as a fiat currency or bonds. Lummis said last month these tokens should be fully backed by cash and regulated, after the largest stablecoin - tether - revealed its coin was only backed by a small proportion of dollars and most of its reserves were comprised of commercial paper.
At heart, Lummis is a
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