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Tennessee congressman reaps windfall on Dogecoin bets

Mount Equity Group Tokyo Japan > News > Business > Tennessee congressman reaps windfall on Dogecoin bets

A Tennessee congressman jumped into the Dogecoin craze — and reaped a windfall on the risky, canine-themed cryptocurrency, government documents show.

In early April, US Rep. Mark Green (R-Tenn.) made two purchases of Dogecoin that were each worth between $1,000 and $15,000 at the time, according to public disclosures on investments that are required for US lawmakers.

Dogecoin — a dog-themed digital coin that was created in 2013 as a joke — was trading at slightly over 6 cents when Green first bought it on April 1. It had risen to 12 cents when he doubled-down on April 14, according to Coindesk.

Doge — which had been trading at less than a penny at the start of the year — then began an eye-popping ascent as it got plugs from billionaires like Tesla tycoon Elon Musk and Dallas Mavericks owner Mark Cuban, sending it as high as 72 cents on May 7.

Green sold between $1,000 and $15,000 worth of Dogecoin on May 11 — at which point the cryptocurrency was priced at 50 cents, according to public documents. That means that any coins Green purchased on April 1 netted an 800-percent profit, while those that he