As Bitcoin Hits Record High, Only Two Congress Members Have Bought Crypto Since 2021
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In the midst of Bitcoin's record-breaking surge to over $69,000, the involvement of lawmakers in Washington, D.C., in the crypto bull market has notably dwindled. A recent analysis by 2iQ Research’s Capitol Trades reveals that only two sitting members of Congress reported purchasing cryptocurrencies in 2022 and 2023, a stark decline from the seven lawmakers engaged in 2021.
Sen. Ted Cruz of Texas entered the crypto arena on January 25, 2022, buying between $15,000 and $50,000 worth of Bitcoin ($BTC) when it was trading at just under $37,000. With Bitcoin's subsequent 83% surge, the current value of Cruz's investment ranges between $27,570 and $91,900.
Rep. Michael Collins, a Georgia Republican, focused on Ethereum ($ETH) from October 9, 2023, to January 8 of this year, making net purchases totaling between $18,000 and $95,000. Today, with Ethereum trading at over $3,677, Collins finds himself in a favorable position.
On the Democratic side, Rep. Shri Thanedar of Michigan and Rep. Jeffrey Jackson of North Carolina reported selling cryptocurrencies in the past two years. Thanedar, a crypto supporter, sold Bitcoin, Ethereum, and Litecoin ($LTC) for various reasons, stating his belief in crypto's long-term potential to democratize finance.
Senator Cynthia Lummis, a well-known crypto ally, did not disclose any trades for 2022 and 2023. Her spokesperson mentioned that Lummis had placed her assets in a blind trust in 2022, rendering her unaware of its contents.
Former Rep. Madison Cawthorn emerged as the most active crypto trader in Congress for 2022 and 2023, conducting 29 different transactions involving various cryptocurrencies. However, his involvement in the "Let’s Go Brandon ($LGB)" coin led to an ethics controversy.
While crypto trading among lawmakers appears to be waning, the unique dynamics of the crypto world continue to intertwine with the political landscape, adding intrigue to the ongoing conversation about regulations, transparency, and the evolving role of digital assets in the financial realm.
