Key Takeaways
- US Congressman Barry Moore declares his recent crypto purchases.
- According to the Periodic Transaction Report, he owns ETH, ADA, and DOGE.
- The newbie Congressman spells Ethereum as ‘Etherium’
- The values of all his investments have fallen since his purchases.
- ETH may turn the Congreeman’s luck around.
YEREVAN (CoinChapter.com)- US Congressman from Alabama Barry Moore has revealed that he now owns Ethereum, joining some of his colleagues in the US Congress to own cryptocurrencies.
According to the Periodic Transaction Report (PTR) filed by Moore, the lawmaker recently purchased ETH, DOGE, and Cardano’s in-house token ADA hoping to take advantage of the price dip in some of the cryptocurrency markets.
However, although he spent a couple of thousand dollars on the cryptocurrency, the Congressman seemed ignorant of the asset’s correct name, misspelling it as ‘Etherium‘ in the report. That may be forgiven, considering he also misspelled ‘crypto’ as ‘crypto.
Read Also: Institutions love for Ethereum grows ahead of milestone network upgrade.
On June 13, Congressman Moore also bought $1,000 and $15,000 of DOGE along with three purchases of ADA on May 10, 11, and 13, respectively. Each time, he purchased ADA with a range of $1,000 to $15,000 per buy, according to the report filing. Members of the US Congress must provide disclosure of such trades under the “Stop Trading On Congressional Knowledge Act.”
However, this is not the first set of cryptocurrencies to enter the kitty of a US Congress lawmaker. Last year the “Crypto for Congress” initiative was launched, where each of the 535 members received $50 in Bitcoin as campaign assistance to garner support for digital currency.
In November of last year, Wyoming voters elected former congresswoman Cynthia Lummis to the U.S. Senate. Lummis is one of the loudest voices supporting digital money, with her crypto investments dating back to 2013. She is also the first woman in the US Senate to own cryptocurrencies publicly.
Read Also: Financial Times wrongly equates crypto with Albania’s Ponzi scheme debacle.
Congressman Moore is yet to make money on his purchases
So far, Moore’s trading has not played out in his favor.
All of his purchases have since registered a dip in their market prices. For example, ETH hovered around $3,000 on the day of Moore’s purchase. It crossed $4,000 on May 14. However, this momentum did not last, and the rate has fallen. At the time of writing, the price of ETH is slightly over $2,000. Similarly, the cost of ADA on the days he was buying was between $1.65-$1.90 but has fallen below $1.4 at the time of writing.
A similar trend is visible when it comes to Dogecoin. The meme token traded around $0.35 on June 13. Today it is slightly over $0.21. In total, Moore bought between $5,000 and $75,000 of cryptocurrency, according to the filings.
Read Also: Ethereum could overtake Bitcoin after London hard fork
Ethereum may turn Congressman Moore’s luck around
Although Moore’s investments have not earned him any profits so far, it may not remain this way for long.
At least one of his purchases, ETH, is expected to perform well in the days to come. As the crypto industry prepares to welcome London Hard Fork as a part of a roadmap designed to lead up to the release of Ethereum 2.0, expectations of Ether’s price skyrocketing are becoming realistic.
Experts predict that ETH will soon overtake BTC in the total market cap if the upgrade ends up solving Ethereum’s existing gas fees issues.
Since Ethereum’s performance will also positively reflect on Bitcoin, all other altcoins owned by the congressman may also trail behind and regain lost momentum.
All Moore has to do now is wait for the market to recover. In the meantime, he can practice his spellings for future filings.
