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Senator Cynthia Lummis discloses latest Bitcoin purchase

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BITCOIN

Senator Cynthia Lummis discloses latest Bitcoin purchase valued at…​

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Published
2 hours ago
on
October 8, 2021
By
Anjali Jain

Source: Pixabay

Although the incoming rush of institutions into the Bitcoin industry has been a bullish sign, Congressional acceptance and adoption is a whole different ball game. While Republican Senator Cynthia Lummis has always been a vocal supporter of Bitcoin, it’s only now that her BTC purchase of worth $50,001-$100,000 is doing the rounds.
The Senator for Wyoming on Thursday filed the most recent addition to her portfolio, dated 16 August 2021. This was, however, in violation of the STOCK Act which requires members of Congress to disclose the purchase and sale of individual stocks, bonds, and commodity futures within 45 days of the transaction.
While this was reported as a “filing error,” this issue has now been resolved without penalty.
Previous Bitcoin disclosures by the Senator have been marred by similar issues. She had failed to include Bitcoin in her annual financial disclosure form filing with the Senate back in April. She later filed an amendment that revealed her Bitcoin holdings amount of between $100,000-$250,000.

The Senator made her first Bitcoin purchase back in 2013 for $330 per token. According to CNBC, she owned 5 BTC by the end of June this year.
In any case, the timing of the latest purchase is notable as it came just 2 weeks after Lummis, along with two other Senators, unsuccessfully tried to get an amendment inserted into the contentious infrastructure bill.
The failed amendment would have limited the definition to qualify as being a cryptocurrency broker, thus protecting those who didn’t qualify as brokers from regulation.

Lummis isn’t the only one…​

According to Quiver Quantitative, Lummis also happens to be the first Bitcoin holder to get elected to the American Senate. The only other notable holder is Senator Pat Toomey.
Worth noting, however, that it was recently reported that a top Republican candidate in Arizona’s 2022 Senate race, Blake Masters, holds up to $1 million in Bitcoin, along with having a diverse range of altcoins in his portfolio.
Since coming to office last year, Senator Lummis has completely transformed the state of Wyoming into arguably the U.S.’s most crypto-friendly state. While furiously attracting migratory miners to set up shop in the state, 24 blockchain-friendly bills have also been passed by the State Senate in recent times.

 

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Why did this analyst dump his Apple investments to buy Bitcoins​

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Published
10 hours ago
on
October 8, 2021
By
Shubham Pandey
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source: Unsplash

Currently, many individuals are jumping onto the cryptocurrency wagon. Despite the volatile price, crypto-traction has surged significantly over the last couple of years. In fact, a few individuals are even dumping their traditional market shares to be able to enter the world of digital assets.
On-chain technical analyst for CryptoQuant, Daniel Joe, is one of them. He dumped his Apple shares to buy Bitcoin instead. The same was discussed during a recent podcast series. When asked about his reasons, he replied,
“The reason I sold Apple is because for the longest time I was waiting for the market to value Apple as a service company because that would give it a P multiple of roughly 30-40 times earnings, like Google or Facebook. This year that’s when it finally happened.”
He added,
“I held on for a very long time and realized a lot of gains and thought that this is a great time because Apple is at multi-year highs, and Bitcoin is at $30,000. This was during the May-June crash.”
In his opinion, Apple is near full valuation whereas Bitcoin is still ‘undervalued,’ according to on-chain metrics. “That’s why I sold Apple, paid the taxes. and rotated what I had left into Bitcoin,” Joe added. This is what he termed as the “biggest rotational trade.”

Is Bitcoin actually undervalued?

According to Joe, long-term holders and miners play a key role in determining BTC’s bull scenario.
“One of the reasons I keep saying we’re not in a bear market is because the long-term holders and the miners who control most of the supply are accumulating.”
The most recent negative price fluctuations happened mostly because of new and short-term holders. This hinted at weak hands dumping their BTCs whereas strong hands HODLed. For instance, consider the following for more context,
#Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 8-month high of 7,203,386.766 BTC
View metric:https://t.co/dJK8rxkket pic.twitter.com/ggaaUWFglw
— glassnode alerts (@glassnodealerts) October 6, 2021

Will he remain bullish on BTC? Certainly looks like it. That being said, Joe did say he might move out “only if something newer and better comes up.”
What are the chances of that happening though? Well, “particularly slim right now.”
The analyst also shared his price targets for the cryptocurrency. He segregated his answer into two targets – Base-case and best-case scenarios. As per the former, “$96,000 per BTC by December this year” is the set target. Whereas for the latter, the target is “$178K – $190K in December, Q1, or Q2 next year.
Dawn Fitzpatrick, the CIO of Soros Fund shares a similar perspective and is riding on the same bandwagon as well. His fund aims to cash out of stocks and instead put some capital into cryptocurrencies.

 

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the reason to post these is to understand who and what is going on in this sphere,

looks like everybody is jumping in the pool