2iQ launched Capitol Trades recently, the best way for you to follow a US politician's trades.
Since then, the 2iQ analyst team has been tracking what US congressmen and congresswomen have been investing in and we have spotted two congressmen dipping their toes into the world of cryptocurrencies.
Politicians Going Virtual
Earlier this year, two congressmen purchased digital currencies in several eye-catching trades.
Michael George Glen Waltz was the first, who bought BITCOIN USD (BTC-USD) on two occasions - June 14 and 16 2021.
On the days of these respective trades, the price of $BTC was within the range of approximately $38,000 to $40,000, marking Florida’s Representative’s first trade since last year.
His previous trade was when Waltz sold shares of Metis Solutions LLC for capital gains that exceeded the $200 mark.
Waltz however is not the only politician who’s been looking at cryptocurrencies.
Earlier in May 2021, Alabama’s Representative, Felix Barry Moore, purchased approximately 500 to 10,000 units of CARDANO USD (ADA-USD) at a unit price of roughly $2 USD.
Moore, however, did not report either of his $ADA trades as diligently as Waltz did. The trades, made around the middle of May 2021, were reported as late as July 6, 2021, along with the rest of his annual trades, which were of other cryptocurrencies. He purchased $ETH shares in May 2021 prior to Cardano, and $DOGE in June 2021.
Crypto’s All The Rage
Since the time of Waltz’s purchase, the price of Bitcoin has climbed, hitting close to the $50,000 mark on Aug 24. If sold, these could earn him a profit of between 24.3% to 30.4%. Moore’s profits from Cardano, at this point, could be anywhere in the region of 37% upwards to 60%.
Much of these recent developments can be due to the fact that investors have been turning their attention to Cardano more because of what’s happening with climate-friendly Altcoin. On the contrary, Bitcoin and Etereum require multiple mining farms from all over the world to work, resulting in more energy consumption with additional CO2 released into the atmosphere.
Bullish Signs Are Hopeful Signs
US politicians buying crypto could be seen as a silver lining for future cryptocurrency investors.
Perhaps government policies in the United States will soon favor virtual currencies, in contrast to other countries that have passed temporary bans on crypto mining.
Read our blog for more insight from Capitol Trades.