U.S. politicians usually buy stocks and cryptocurrencies they are accustomed to, such as Bitcoin (BTC) and Ethereum (ETH). However, Representative Mike Collins is an exception, as on July 11, Collins reported a purchase of cryptocurrency called Aerodrome Finance (AERO) worth $50,000.
What is impressive is that since his purchase on July 6, AERO has surged by almost 50% from $0.5219 to $0.9316 in less than two weeks.
Collins has already earned approximately $38,000 in less than two weeks, as his AERO holding is now worth $88,000.
Notably, AERO’s market cap is less than $500 million, which is outside the top 200 cryptocurrencies. However, Since Collins’ purchase, its market cap has doubled from $272 million to $492 million at the time of writing.
Previous crypto purchases by Collins weren’t so lucrative
Just two months ago, on May 17, Collins invested $15,000 in another cryptocurrency called Velodrome Finance (VELO). However, this trade didn’t bring profits to the Representative, as he sold it just a month after purchase, on June 24, at a loss.
Since his purchase, VELO depreciated from $0.138 to $0.10, meaning that the initial investment was worth approximately $10,870 at the time of sale.
Seemingly, the Representative has missed the timing of his sale, as VELO recovered in price while adding 55.53% to its value in the previous seven days and now trades at $0.1055.
Interestingly, this cryptocurrency shares the same development team as AERO based on VELO. This means their price performances could also be connected, albeit with a delay.
Collins is a fan of cryptocurrencies
In addition to the two most recent acquisitions of small-cap cryptos, Collins reported several Ethereum purchases around New Year’s for a total investment of $60,000.
Although the Representative has yet to disclose his sales, he is in profit on his ETH investment by 49%. Collins bought Ethereum at approximately $2,800, while its current price is $3,481.
This investment is currently in profit, for a total profit of approximately $74,642.
Collins is one of the few politicians who has actively traded crypto in the past. His trading activity might be a prelude to U.S. politicians’ further involvement in the cryptocurrency market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
