US Representative Bought Crypto During Market High, Likely Took a Big Hit

A recent financial filing showed US Representative Tulsi Gabbard of Hawaii bought ethereum and litecoin during market high in December 2017.

Congresswoman Tulsi Gabbard Latest U.S. Lawmaker to Invest in Cryptocurrency

Tulsi Gabbard

(Source: The New Yorker)

Gabbard, the U.S. Representative for Hawaii’s 2nd congressional district, might be the first known member of Congress to have embraced cryptocurrency.

According to a financial filing, Gabbard invested in cryptocurrencies in December 2017, right around the time the crypto market reached its all-time high.

The Democratic lawmaker’s financial disclosure form shows she bought between $1,001 and $15,000 of ether and Litecoin. Although the filing does not specify the exact amount of money spent on the coins, it’s highly unlikely that Gabbard managed to turn a profit on the investment.

According to the latest report from Business Insider, even if Gabbard was able to buy the coins at their lowest December prices, $414 for ethereum and $83 for litecoin, she would have still been in the red at the time the filing was released. According to data from Coinmarketcap.com, the coin’s respective prices on August 14 were $278 and $54.56, making it a 33% drop from their lowest prices in December 2017.

No further details about Gabbard’s purchase are known yet, as the three-term lawmaker’s office didn’t immediately respond to a request for comment.

Filed on August 14, Gabbard’s financial disclosure comes around eight months after bitcoin hit its all-time high of $19,843. The largest digital token in the world has since dropped in value, declined by 52% in 2018. Its sudden drop in value also dragged other crypto coins along with it, dropping the value of the crypto market from about $800 billion at the start of the year to just over $200 billion as of August 2018.

This Is Not the First Time Cryptocurrencies Made Their Way to Capitol Hill

Even though the crypto purchase made by the Hawaii representative might be the first for a sitting congressperson, it’s not the first time digital coins have garnered the attention of Capitol Hill.

House Judiciary Committee Chairman Bob Goodlatte is another high-profile figure to have joined the crypto trend. According to his annual financial disclosures filed in May, Virginia’s 6th congressional district Representative owns between $17,000 and $80,000 in bitcoin, bitcoin cash, and ether.

Goodlatte’s son, Bobby, a former Facebook employee and one of the first Coinbase backers, sent a tweet last week announcing his father’s cryptocurrency holdings.

Featured image by George Bokhua

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