Bitcoin-friendly US Senator Cynthia Lummis has added $ 100,000 worth of Bitcoin to her portfolio. That development was announced late Thursday in a periodic transaction report filed with the SEC.

Significant bitcoin purchase

Filing revealed that Lummis purchased between $ 50,000 and $ 100,000 BTC from brokerage platform River Financial on Aug. 16. Lummis was required by law to declare the purchase. The Stock Act requires all US senators and officers who earn more than $ 195,000 to declare certain financial transactions within 45 days.

At the time, Bitcoin was trading at $ 45,000 and looking at the current market price, their portfolio is up 22%. The disclosure of Lummis’ Bitcoin purchase appears to have passed the 45-day reporting period, but a spokesman for CNBC announced the delay was due to a login error. They also added that the issue was resolved without penalty.

This is the second time Lummis has not recorded their Bitcoin purchases within the required timeframe. In early April, it failed to include bitcoin on its annual Senate financial disclosure form. It was later revealed that she owned approximately $ 250,000 worth of BTC.

Long term Bitcoin advocate

Lummis has been a bitcoin maximalist for several years. The Wyoming senator announced at an event in 2020 that she bought her first bitcoin in 2013 when it was trading for $ 330. According to Lummis, she believed in the economic power of scarcity and the potential of Bitcoin to address some of the problems in the traditional financial system.

Lummis is also a proponent of bitcoin-friendly legislation, but is critical of stablecoins, which are tied to fiat currencies. Legislators recently announced in the US Senate that stablecoins should only be issued by regulated institutions. She added that stablecoins must be 100% cash backed and checked regularly. Many US lawmakers have increasingly turned to cryptocurrencies in recent months.

Bitcoin continues its bullish mini-run that began earlier this week. The leading cryptocurrency is currently up 2% at the time of publication and is valued at around $ 55,400 per unit. The increasing adoption of Bitcoin around the world has led some experts to believe that the price could reach $ 70,000 before the end of the year.

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