US Senator Cynthia Lummis Bought up to $100,000 Worth of BTC in August

US Senator Cynthia Lummis Bought up to $100,000 Worth of BTC in August

The Republican Senator Cynthia Lummis has accumulated more bitcoin worth between $50,001 to $100,000 in the middle of August. A spokesperson at her office said the purchase was not disclosed on time due to a “filing error.”

Topping up with More BTC

As reported by CNBC, the US Senator – Cynthia Lummis – revealed in a recent filing that on August 16th, she increased her bitcoin exposure with another purchase of somewhere between $50,000 and $100,000 worth of the asset.

The 2012 STOCK Act, though, requires all members of Congress to announce such transactions in 45 days. A spokesperson from the Senator’s office explained that Lummis did not meet the deadline because of a “filling error:”

“Once we realized it we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.”

It is worth noting that the politician is a long-time bitcoin holder. Back in June, Lummis revealed that she owns five BTC, which she bought in 2013 when the USD value of the asset stood at $300 apiece.

With its appreciation against the dollar within that time, her investment has multiplied by a factor of more than 100 with today’s prices and she has previously asserted that she has no plans to dispose of her BTC holdings.

Why Should People Invest in BTC?

Cynthia Lummis, known as Wyoming’s first female Senator, is not only a BTC owner but also a keen supporter of the primary digital asset. During her previous interviews, she explained why it is such a valuable investment tool.

She started by describing bitcoin as a successful store of value, oriented for the long run that can be highly beneficial as a retirement fund:

“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that is used in retirement funds and other opportunities for people to save for the future. So whether you’re an employee that has a retirement fund – I’d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value.”

Also, she brought up bitcoin’s well-known maximum cap of 21 million coins, which makes it a hedge against the rising inflation in the US. As such, the leading cryptocurrency would play a significant role in the future financial system, Lummis said:

“Our own currency inflates; bitcoin does not. 21 million bitcoin will be mined, and that’s it. It’s a finite supply, so I have confidence that this is going to be an important player in stores of value for a long time to come.”

Additionally, bitcoin could enhance the economies of developing countries around the globe and thus provide a better lifestyle for the local population. Lummis pointed out to El Salvador and its decision to adopt the asset as legal tender, believing that money transaction and monetary efficiency would rise to another level after the initiative.

Featured Image Courtesy of Yahoo

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