According to a recent CNBC analysis, eight of the highest-ranked politicians in the USA have traded cryptocurrencies over the past 12 months. Seven of them are Republicans, including Senator Pat Toomey and Senator Cynthia Lummis, while one is a member of the Democratic Party.
Who Jumped on The Bandwagon?
Overall, 2021 has been a highly successful year for the cryptocurrency industry as many companies and prominent investors started embracing the asset class. Contrary to the global inflation, financial crisis, and devaluation of national currencies, bitcoin and many alternative coins became an attractive investment option. As such, they charted all-time high prices and increased their popularity among the broader society.
Among those who completed digital asset transactions in the past year are eight American lawmakers, CNBC reported. Interestingly, only one of them is a representative of the Democratic Party – Marie Newman of Illinois.
The most active crypto trader amid the Republicans was Congressman Mark Green. He reported 16 transactions of about $1,000 to $15,000 each, mostly through a joint account. The politician further revealed that a licensed broker managed his investments.
Bitcoin advocate Cynthia Lummis is another Republican that purchased crypto during that time frame. According to her financial disclosures, she bought between $50,000 and $100,000 worth of the leading digital asset in August. She previously admitted purchasing five BTC in 2013 when the price of a single coin stood at $300.
Senator Pat Toomey is next in line. In June, he bought shares of Grayscale’s bitcoin and ether investment vehicles, each transaction valued between $1,000 and $15,000. His spokeswoman maintained that “crypto has become a meaningfully sized asset class.” On the other hand, she opined that it should compose a “very modest” portion of one’s overall investment portfolio.
Congressman Michael Waltz is a hodler, too. He bought BTC twice in June, each time allocating between $15,000 and $50,000. “I believe crypto and blockchain are beneficial for consumers because it serves as a hedge against inflation,” he claimed.
The rest of the cryptocurrency investors include the likes of Congressman Michael McCaul, Senator Ted Cruz of Texas, and Barry Moore of Alabama.
Mayors Embraced Crypto, Too
The political leaders of two of the American financial hubs have also displayed support towards the digital asset universe in the past several months.
Apart from personally investing in bitcoin and ether, Miami’s mayor Francis Suarez vowed to receive his salary in the primary cryptocurrency. Thus, he became the first American politician with such a move.
Shortly after, New York City’s mayor – Eric Adams – followed his lead, saying he will get his first three paychecks in BTC instead of dollars.