This might not be the best of times for the American congresswoman, Tulsi Gabbard, on a personal investment level, but it surely heart-lifting news for crypto enthusiasts in the country. The democrat, who is quite popular for her subtle approach to things, and very staunch opposition to sanctions, especially, as it affects the Islamic Republic of Iran, Russia, and North Korea.
Tulsi’s Cryptocurrency Adventure
Gabbard recently filed her Financial disclosure statement for 2017, and its evident that the lawmaker does not have much faith in the federal reserve.
Her portfolio is modest; the total amount is not more than $120,000. But the good news is, Tulsi got about $30,000 worth of cryptocurrencies, which is good news for the crypto community to see another member of the government invest so much in virtual currencies.
But unfortunately, the lawmaker seems to have invested at a wrong time, as she bought cryptocurrency assets at the top now seeing the worth of her investment shrink by thousands of dollars.
Though the precise amount she might have purchased remains unknown, it’s said to be between a thousand and fifteen thousand dollars worth of Ethereum and same is said to go for Litecoin cryptocurrencies. The report indicates that Ethereum was trading around $558 per unit and Litecoin at $276 when she invested.
A Move In The Wrong Direction
Market prices have seemed to have dropped a lot since the time of her purchase. Presently, prices for Ethereum and Litecoin are at $291 and $56 respectively. It was also reported that she sold out of a position in a gold mutual fund to purchase cryptocurrencies, hoping prices will rise for some profits.
Gabbard sold her complete position in gold and precious Metal funds which are said to be between a thousand and fifteen thousand dollars and this funds she had invested in cryptocurrencies.
Though the investments turned out bad for the lawmaker, the fact that a highly ranked politician invested so much in cryptocurrencies provides validation for the asset class as a substantial investment.
Hopefully, we expect to see more government agents declaring their assets in cryptocurrencies as regards to the US Ethics Committees code which instructs lawmakers to report all cryptocurrency assets exceeding $1000 in their possessions.