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Michael A. Collins invests in cryptocurrency company Velodrome

EditorLina Guerrero
Published 06/17/2024, 05:10 PM
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect

In a recent congressional trade report, it was revealed that Michael A. Collins, a congress member representing Georgia's 10th congressional district, has made a significant investment in the cryptocurrency company, Velodrome.

The transaction, which took place on May 17, 2024, involved a purchase of Velodrome assets. The exact dollar value of the trade falls within the range of $1,001 to $15,000. This information, while not providing a precise figure, gives an indication of the scale of Collins' investment.

The type of asset bought by Collins is categorized as cryptocurrency, a digital or virtual form of currency that uses cryptography for security. This investment represents a growing trend among investors who are increasingly looking at the digital currency market as a potential source of profit.

The report did not disclose the type of account used by Collins for this transaction. However, it is common for congress members to use a variety of investment vehicles, including brokerage accounts and retirement accounts, among others.

This move by Collins is noteworthy as it reflects the increasing interest and investment in the cryptocurrency market by prominent figures. It also underscores the recognition of digital currencies as legitimate and potentially profitable investment options.

As a member of Congress, Collins' investment choices are closely watched by investors and market analysts. His recent investment in Velodrome might signal a growing confidence in the potential of the cryptocurrency market. However, as with any investment, it carries its own risks and potential rewards.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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