American politician places surprising wager on cryptocurrency
Shortly after drawing attention from the cryptocurrency community for revealing his Ethereum (ETH) purchases prior to the approval of spot Ethereum exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC), a US politician has made another intriguing crypto investment.
Michael Collins, the US Representative for Georgia’s 10th congressional district, recently announced his acquisition of Velodrome (VELO), a crypto asset with a market capitalization below $100 million as reported by investment research firm Quiver Quantitative on June 17.
On May 17, Collins purchased between $1,000 and $15,000 worth of Velodrome Finance tokens, an automated market maker (AMM) that serves as the central trading and liquidity platform on the Optimism Network (OP), with the ambition to evolve the Solidly Exchange model created by Andrew Cronje.
This isn’t the first time Collins has dabbled in cryptocurrencies. In January 2024, he disclosed investments of up to $65,000 in Ethereum, making purchases between $1,001 and $15,000 on January 3, and between $15,001 and $50,000 on January 8, coinciding with the rumors about the spot Ethereum ETF.
Additionally, Collins had previously purchased Ethereum three times in 2023 – on October 9, November 5, and December 28 – totaling $75,000 according to data shared by the markets analytics platform unusual_whales on January 10.
As of the latest data retrieved on June 18, the Velodrome Finance token was trading at $0.105, showing a 12.24% increase in the last 24 hours, a 1.44% gain over the past seven days, but a 24.45% drop in the monthly chart.
Collins’s recent investment in Velodrome Finance suggests his confidence in the token’s future performance and likely contributed to its recent rally. However, it is important for investors to conduct their own research as the cryptocurrency sector is known for unexpected developments.
Disclaimer: This content does not constitute investment advice. Investments in cryptocurrencies are speculative and involve risk to your capital.
