US Senator Cynthia Lummis Added To Her Bitcoin Holdings In August
According to a report, the US Senator Cynthia Lummis bought more bitcoin August with a sum between $50,001 to $100,000 worth of the digital asset.
Cynthia Lummis, a Republican Senator, has accumulated more bitcoin (BTC) worth between $50,001 to $100,000 during the month of August. A spokesperson at her office commented that the purchase was not disclosed on time due to a “filing error.”
Accumulating Bitcoin
According to a CNBC report, 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 requires all members of Congress to announce such transactions in 45 days. A spokesperson from Lummis’ office explained that she did not meet the deadline because of a “filing 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.”
Lummis is a long-time bitcoin holder. Back in June, Lummis revealed that she holds five BTC, which she bought back in 2013 when the USD value of the asset was at $300 per BTC.
With its appreciation against the dollar within that time, her investment has multiplied by a factor of 180 with today’s prices and she has previously said that she has no plans to sell her BTC holdings.
Lummis’ stance on Bitcoin
Wyoming’s first female Senator, Cynthia Lummis is not only a BTC holder but also an avid supporter of Bitcoin. During her previous interviews, she has explained her stance on Bitcoin and why it is such a valuable investment tool.
She has described bitcoin as a ‘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.”
Lummis also mentioned the maximum cap of 21 million BTC, which makes it a great hedge against the rising inflation in the US. As such, the leading cryptocurrency would play a significant role in the future financial system. She explained:
“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.”
On top of this, bitcoin could enhance the economies of developing countries around the globe and thus provide a better lifestyle for the local population. The Senator referred 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.
