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Democratic Lawmaker Bought Crypto as Market Peak Turned to Selloff

August 23, 2018

Rep. Tulsi Gabbard Photographer: Win McNamee/Getty Images

 

Democratic Representative Tulsi Gabbard invested in cryptocurrencies late last year, around the same time the virtual market soared to a record high and then plummeted into a downward spiral, the congresswoman’s financial disclosure form shows.

 

Gabbard of Hawaii bought between $1,001 and $15,000 of Ether and Litecoin in December 2017, according to the filing with the U.S. House of Representatives. The three-term lawmaker’s office didn’t immediately respond to a request for comment on precisely how much virtual currency was purchased, and when in December.

 

Gabbard’s financial disclosure was filed Aug. 14, around eight months after Bitcoin hit its all-time high. The top digital token has since tumbled, bringing other crypto coins along with it. One Ether token is now worth around $270, compared with more than $1,000 in January, according to CoinDesk’s price index. The overall crypto market is worth just over $200 billion, down from about $800 billion at the start of the year, according to Coinmarketcap.com.

 

The lowest price in December for Ether was $414, and $83 for Litecoin, Coinmarketcap.com data shows. The digital coins hit $278 and $54.56, respectively, on Aug. 14.

 

Business Insider reported on Gabbard’s crypto investments earlier.

 

Other House lawmakers who have joined the crypto trend include House Judiciary Committee Chairman Bob Goodlatte, who has owned between $17,000 to $80,000 in Bitcoin, Bitcoin cash and Ether, according to the Virginia Republican’s annual financial disclosures filed in May.

 

Goodlatte’s son, Bobby - who has backed cryptocurrency exchange Coinbase - sent a tweet earlier this month, including a thumbs-up emoji, announcing his dad’s virtual holdings.

 

 

— With assistance by Vivek Shankar

 

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