Cryptocurrencies like Bitcoin [BTC], Dogecoin [DOGE], Ethereum [ETH], and several others were time and again condemned by governments all across the globe. These assets were consistently linked to the dark web. Therefore, cryptocurrencies were generally viewed as a threat to the globe. However now, crypto emerged with a whole new look, and politicians themselves were taking interest in these assets.
The tables have certainly turned. Several governors, mayors, and even Presidents of certain regions were pushing to make crypto legal. These Congress Members took things up a notch by putting big bucks on crypto.
A recent report shed light on the fact that seven Republicans and one Democrat had purchased or sold crypto in the last year. It was also noted that the family member of these lawmakers had also engaged in crypto trading.
Bitcoin bagged the top spot as the most traded cryptocurrency by these lawmakers. About $229,000 worth of Bitcoin trades were carried out by the Congress members. Ether bagged second place as the lawmakers poured a total of $40,000 in its trades.
Additionally, Dogecoin emerged as the third most sought-after crypto by these lawmakers.
Dogecoin reaches the Congress
While meme coins were viewed as nothing but a joke, these Congress members spent a whopping $32,000 on Dogecoin.
Rep. Mark Green of the Republican Party representing Tennessee was heavily invested in Dogecoin. However, it was discovered that the Congressman’s trades were managed by a financial advisor. He even suggested that he had, “no say in how those assets are invested.”
Yet the fact that a lawmaker was invested in the meme coin was considered a huge milestone for the asset. The increase in the demand for meme coins is speculated to bring in more adoption this year.
The other members on the list included GOP Rep. Mike Waltz of Florida, Sen. Pat Toomey of Pennsylvania, Rep. Marie Newman of Illinois, Sen. Ted Cruz of Texas, Rep. Barry Moore of Alabama, GOP Rep. Michael McCaul of Texas, as well as GOP Sen. Cynthia Lummis.
Most of these lawmakers viewed crypto as a hedge against inflation. While a few used them for savings, the others wanted to maintain a well-“diversified investment portfolio.”
Furthermore, assets like Stellar [XLM], Basic Attention Token [BAT], Cardano [ADA], EOS, Celo along with Chainlink [LINk] were also found in the investment portfolios of these Congress members.