United States Senator Cynthia Lummis, a Republican from Wyoming, took advantage of a deeply discounted Bitcoin (BTC) price this week by adding to her holdings.
When asked about Bitcoin’s rapid price decline, Lummis said:
“I’m really excited about it because as soon as it drops a little more, I’m going to buy some more.”
Lummis compared Bitcoin’s drop to the performance of one of her favorite stocks, United Rentals. “I bought it,” Lummis said of United Rentals, “and it dropped like a rock. I held onto it and, my gosh, it’s performed beautifully over the years for me,” she said, adding:
“I see Bitcoin doing the same kind of thing because the fundamentals are good.”
Lummis is one of the most vocal advocates of Bitcoin in the U.S. Senate. Earlier this year, she launched the Financial Innovation Caucus to educate fellow lawmakers about Bitcoin and other cryptocurrencies. At the time, Lummis said she will work with the caucus to address false narratives about cryptocurrencies, including their association with money laundering and other financial crimes.
Related: Bitcoin bounce from $28.8K activates century-old financial model’s bullish thesis
As Cointelegraph reported, Senator Lummis attended this year’s Bitcoin 2021 conference in Miami, where she discussed the importance of encouraging crypto innovation. She was joined by Representative Warren Davidson, a Republican from Ohio, in a panel called “Bringing Bitcoin Innovation Home to America.”
After plunging below $29,000 earlier this week, the Bitcoin price appears to have found support above $30,000 again. At the time of writing, the digital currency was up 5.5% at $33,700.