US Senator Cynthia Lummis bought up to $100,000 worth of BTC in August

US Senator Cynthia Lummis bought up to $100,000 worth of BTC in August

Republican Senator Cynthia Lummis amassed additional Bitcoins worth between $50,001 and $100,000 in mid-August. A spokeswoman for her office said the purchase was not announced in a timely manner due to a “filing error.”

Top up with more BTC

How reported of CNBC, U.S. Senator – Cynthia Lummis – revealed in a recent filing that she will vote on March 16th.

However, the STOCK Act of 2012 requires all members of Congress to announce such transactions within 45 days. Lummis did not meet the deadline due to a “filling error,” a spokesman for the Senate office explained:

"Once we realized this, we worked with the Ethics Committee to correct it. It was an honest mistake and the issue was resolved without penalty."

It is worth noting that the politician is a long-time Bitcoin holder. In June, Lummis revealed that she owns five BTC that she purchased in 2013 when the USD value of the asset was $300 each.

With the appreciation against the dollar within that time, her investment has multiplied by a factor of 100 at today's rates and she has previously stated that she has no plans to sell her BTC holdings.

Cynthia Lummis, Twitter

Why should people invest in BTC?

Cynthia Lummis, known as Wyoming's first female senator, is not only a BTC owner but also a passionate supporter of the primary digital asset. In her previous interviews, she explained why it is such a valuable investment tool.

She began by describing Bitcoin as a successful, long-term store of value that can be of great use as a pension fund:

"I would like to see cryptocurrencies like Bitcoin become part of a diversified asset allocation used in retirement funds and other ways for people to save for the future. Whether you are an employee who has a retirement fund, I would like to see those retirement funds invested in Bitcoin and other cryptocurrencies that are good stores of value."

She also brought up Bitcoin's known maximum cap of 21 million coins, making it a hedge against rising inflation in the US. As such, the leading cryptocurrency would play a significant role in the future financial system, Lummis called:

"Our own currency is inflating; Bitcoin is not. 21 million Bitcoin will be mined and that's it. It's a limited supply, so I'm confident this will be a major player in the store of value for a long time."

Additionally, Bitcoin could improve the economies of developing countries around the world, thereby providing a better lifestyle for local populations. Lummis pointed to El Salvador and its decision adopt the asset as legal tender on the assumption that monetary transactions and monetary efficiency would rise to a different level after the initiative.

Featured image courtesy of Yahoo

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