If you Can’t Beat them, Join them – US Congress HODLing Cryptos

US Congress representative Bob Goodlatte has disclosed his cryptocurrency investment of approximately $80,000 in Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). Other Congress members like Jared Polis are also expected to report his crypto investments. With names like Sen. Mark Warner, Randy Hultgren, Bill Huizenga, and Ted Budd being crypto positive, the market just might be in for good things.

Bitcoin champion in Congress

Government authorities might not be able to decide the stance it needs to take on cryptocurrencies in the official capacity but individually they are getting a liking to the burgeoning crypto market.

According to the latest details, a member of the US Congress has revealed his investments into cryptocurrencies. This is in relation to the new rules passed in late June by the House Ethics Committee that requires every member of the House to disclose their crypto ownership in annual reports. Just like any other financial transactions, lawmakers are required to report their crypto transactions.

Bob Goodlatte, the chair of the House Committee on the Judiciary has reported private crypto investments up to $80,000 and has become the first member of the United States Congress to divulge this info. His portfolio comprises of primarily Bitcoin (BTC) along with Bitcoin Cash (BCH), and Ethereum (ETH).

Reportedly, Goodlatte’s son Bobby Goodlatte Jr. is an angel investor, though just how much is unknown, in the San Francisco-based Coinbase, a leading cryptocurrency exchange, hence Goodlatte’s crypto involvement didn’t come as a surprise to some. Goodlatte Jr. has been publicly bullish on Bitcoin and has even engaged in price speculation.

Also, read: Bitcoin ATMs Exceed 3.5k Worldwide, US Ranks First with Highest Number

Congress representatives are crypto positive

Furthermore, Goodlatte is a member of the crypto and distributed ledger technology lobbyist group Congressional Blockchain Caucus. Established in 2017, this group was formed by Colorado Democrat, Jared Polis, and the Arizona Republic, Schweikert. Through this initiative, these people have encouraged the adoption of the blockchain technology for government services.

However, there are other names in the Congress that are also expected to disclose their crypto holdings. Representative Jared Polis, is one such name whose estimated net worth is $122 million.

Senator Mark Warner is another name that has shown his confidence in blockchain and has been extremely bullish on the crypto market as he previously said that it could hit $20 trillion,

“I think we may be on top of something that’s transformational, and I don’t think you can separate the underlying, distributed-ledger blockchain from some of these crypto assets… If we had the same rate of increase the next two years that we’ve had the last couple [of] years, we’re talking now a couple hundred billion, we’d be at the north of 20 trillion dollars caught up in this area by 2020.”

US Congress has shown progressive thoughts toward cryptocurrencies as at the end of last month, Representative Bill Huizenga has called for oversight for the crypto market. Earlier this year, at a Congressional hearing, he shared his intention to not sit idly while investors remain unprotected.

Huizenga also promised that crypto regulation will be the most important agenda if he assumes a position at the office after elections. Other representatives like Randy Hultgren who called for crypto regulation to protect investors and drive technological innovation and Congressman like Ted Budd, has also argued to get it right before rushing with any policy.