American politicians typically buy stocks and familiar cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). However, Representative Mike Collins is an exception, as Collins announced on July 11 that he had purchased $50,000 worth of Aerodrome Finance (AERO) cryptocurrency.
What’s impressive is that since the July 6 purchase, AERO has risen nearly 50% from $0.5219 to $0.9316 in less than two weeks.
Collins has already made about $38,000 in less than two weeks, as his AERO shares are now worth $88,000.
Notably, AERO has a market cap of less than $500 million, which is outside the top 200 cryptocurrencies. However, since Collins bought it, its market cap has doubled from $272 million to $492 million at the time of writing.
Collins’ previous cryptocurrency purchases have not been as profitable
Just two months ago, on May 17, Collins invested $15,000 in another cryptocurrency called Velodrome Finance (VELO). However, the deal did not bring the Representative any profit, as he sold it just a month after the purchase, on June 24, at a loss.
Since the purchase, VELO shares have depreciated from $0.138 to $0.10, meaning the original investment was worth approximately $10,870 at the time of sale.
The rep appears to have missed the sell-off, as VELO shares have rebounded, adding 55.53% to their value over the previous seven days, and are now trading at $0.1055.
Interestingly, this cryptocurrency has the same development team as the VELO-based AERO, meaning their price performance may also be related, albeit with a delay.
Collins is a fan of cryptocurrencies
In addition to the two latest small-cap cryptocurrency purchases, Collins reported making several Ethereum purchases ahead of the New Year, totaling $60,000 in investments.
Although the rep has not yet disclosed his sales, he has made a 49% profit on his ETH investment. Collins bought Ethereum for around $2,800, while its current price is $3,481.
These investments are currently profitable, with a total profit of approximately $74,642.
Collins is one of the few politicians who has actively traded cryptocurrency in the past. His trading activities could be a prelude to further involvement of American politicians in the cryptocurrency market.
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