Even authorities in the government have started to add crypto to their portfolio. Recently a US congressman Barry Moore filed a report revealing his Ethereum, Dogecoin and ADA purchases. The purchases were made between May and June and were worth more than $5,000. This was revealed in a disclosure made in filings made with the clerk of the house of representatives. This makes Barry one of the few officials in the government talking about their crypto purchases.
The purchases made by Barry Moore
The crypto purchases that we are taking a look at here are Ethereum, Doge and ADA. On 5th May, he purchased Ethereum worth anywhere between $1k-$15k and then purchased Cardano on three occasions between May 10 and May 13. He also purchased Dogecoin worth more than $1k. This amounted to his total portfolio ranging anywhere between $5,000-$75,000. Even though the prices have fallen steeply since May, we expect that Barry is hodling his coins and has no intention to sell.
Barry is no crypto guru in the US. He belongs to the Agriculture and Veteran Affairs committee and has no say in the crypto department. This is why this investment seems to be a personal one. The reason for disclosure is due to the STOCK Act that makes it compulsory for officials to report their trades.
Officials are interested in crypto.
Recently government officials are also showing their interest in crypto. This means we might see healthy regulations in the crypto space in the near term. Even though this is not a solid inference, this is very likely due to the fact that no matter to which committees do an official belongs, he must have more or less knowledge about other things as well. Some US officials have gone on record for their support for Bitcoin by changing their Twitter profile to laser eyes. At the same time, others have spoken in favour of it. All in all, the involvement of the authorities in crypto investment is a good step.
What are your thoughts on the US Congressman Barry making Ethereum and Dogecoin purchases? And what do you think, how good of news this is? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.