Another member of the United States Congress has revealed ownership/investment stakes in cryptocurrency. This time around, it is Rep. Tulsi Gabbard (D-HI), a three-term member of the U.S. House of Representatives.
Cryptocurrency Investment Details
According to a financial disclosure report filed on August 14, 2018, Rep. Gabbard purchased between $1,001 and $15,000 worth of both Ethereum and Litecoin. These cryptocurrency purchases were filed under the “Assets and ‘Unearned’ Income” section of the filing document. The report covered the Congresswoman’s financial activities in 2017.
The document also revealed that the Congresswoman invested in those two digital currencies in December 2017. At that time, the market was thriving as the prices of many tokens reached new all-time highs (ATHs). The financial disclosure document revealed neither the exact number of coins purchased nor the precise amount of money spent on acquiring the virtual currencies.
Rep. Gabbard becomes the latest member of Congress to reveal a stake in the cryptocurrency market publicly. Earlier in August, Unhashed reported that Rep. Bob Goodlatte (R-VA) owned up to $80,000 in cryptocurrency. Rep. Goodlatte is the head of the House Judiciary Committee. The Congressman is the first U.S. lawmaker to disclose ownership of digital currencies publicly.
Likely Gains/Losses
Based on the period in which Rep. Gabbard purchased the virtual coins, it is unlikely that any profit was made. December 2017 was a stellar month for both Ethereum and Litecoin along with other cryptocurrencies. $414 and $83 were the lowest trading prices recorded for Ethereum and Litecoin respectively in December 2017.
Even if the Congresswoman purchased the coins at those prices, she has undoubtedly experienced a significant loss. As of August 14, 2018, Ethereum and Litecoin were trading at $278 and $54 respectively. Based on these figures, Rep. Gabbard’s cryptocurrency portfolio is down by more than 33 percent.
Such declines are likely to be common for people who got into the market at the height of cryptomania in late 2017. Since the turn of the year, the market has plummeted, with many coins losing more than 60 percent of their value. Even Bitcoin, the top-ranked cryptocurrency has been in steady decline.
Price volatility remains one of the biggest issues in the cryptocurrency industry, with the value of tokens fluctuating wildly at irregular intervals. Almost every aspect of the industry, from hedge funds to ICOs, has seen their value decline significantly in 2018.
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