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Republican Senator Pat Toomey invests in Grayscale's crypto products

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Shivangi Mujumdar Follow

INDIA

Jul, 08 2021

Jul, 08 2021

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Republican Senator Pat Toomey makes the purchase Grayscale's two major crypto products. On the belief that financial interests are the primary component for effective code of conduct, thus statement was disclosed. As per the disclosure that was filed on July 7, this announcement was made to show the support for Bitcoin. 


About the disclosure: 

If there is a public disclosure that being made by some government official, the scope for the demand of cryptocurrency amongst the customers increases. Since there is a complete financial disclosure reports for former senators and even the senate candidates, there is no doubt that transparency is well maintained. 


As per the recordsToomey had bought the Grayscale's crypto products which is Ethereum Trust and Grayscale Bitcoin Trust. The purchased amount was between $1,000 and $15,000 that has been respectively made on the products between on successive days in the mid of June. 


With the purchase made by Toomey, he has turned to be one of the first senators that has publicly announced the investment in cryptoAlso, Cynthia Lummis is another person who had announced its holding in Bitcoin. 


There have also been similar disclosures that were related to Alabama Congressman Barry Moore making a purchase in Ethereum, Cardano and Dogecoin. Hiwever, Toomey has traded the Grayscale at public level for trusts offering.

  

What the market has to say? 

As per the market it is quite clear that Toomey's holdings value has fallen to quite an extent as compared to the time when it was purchased. Between June 14 to 15, there has been quite local highs that Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust had experienced. This was the time when Toomey made the purchase. However, now it has been experiencing few dips. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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