American Politician Engages in Highly Questionable Cryptocurrency Transaction
2 min readAmerican legislators typically invest in familiar stocks and cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). However, breaking the mold, Representative Mike Collins disclosed a significant investment on July 11 in a lesser-known digital currency named Aerodrome Finance (AERO), valued at $50,000.
Remarkably, AERO’s value has escalated by nearly 50% post-purchase, soaring from $0.5219 to $0.9316 within a span of just around two weeks.
Since this strategic purchase, Collins has observed an increase in his AERO investment’s worth to $88,000, equating to an impressive profit of approximately $38,000 in under a fortnight.
AERO, with a market capitalization under $500 million and not ranking in the top 200 cryptocurrencies, experienced a notable leap in market value, doubling from $272 million to $492 million, as of the latest data.
Other Cryptocurrency Ventures by Collins Haven’t Been as Profitable
As recently as May 17, Collins ventured $15,000 into a crypto known as Velodrome Finance (VELO), only to offload it a month later on June 24 at a shortfall.
VELO’s value dipped from $0.138 to $0.10 by the time of Collins’ divestment, depreciating his position to about $10,870. Yet, VELO did witness a 55.53% hike over the subsequent week, now trading at $0.1055.
Intriguingly, VELO and AERO stem from the same development team, suggesting a potential correlation in their market performances, potentially in a staggered fashion.
Collins’ Enthusiasm for Digital Currencies
Apart from his recent small-cap crypto pursuits, Collins has declared multiple Ethereum procurements around the turn of the year totaling $60,000 in value.
While the outcomes of these trades remain undisclosed, the value gain in Ethereum—purchased at roughly $2,800 and now at about $3,481—has given Collins a gain near $74,642.
His trading history indicates Collins as one of the few political figures engaging in cryptocurrency trades, possibly signaling a growing trend of U.S. political involvement in the crypto space.
Disclaimer: The information presented herein is not to be taken as financial advisement. Investment activities inherently contain risk, and there is always the possibility of losing capital when investing.
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