Congressman Guy Reschenthaler (R-Pa.) Cashed Out of Bitcoin BTC/USD, Solana SOL/USD and XRP Token XRP/USD Too Early

Leading cryptocurrency Bitcoin BTC/USD hit new all-time highs this week, a positive for investors who have been buying and holding crypto for years

Members of Congress are currently free to buy and sell stocks, options, ETFs and cryptocurrency as long as they properly disclose their transactions.

A recent disclosure from Rep. Guy Reschenthaler (R-Pa.) shows the Congressman bought Bitcoin, Solana (NYSE:SOL) and XRP Token (CRYPTO:XRP) in December and sold the crypto months later in April and May.

As tracked by the Benzinga Government Trades page, Reschenthaler bought $1,000 to $15,000 of each of XRP and Solana on Dec. 11 and bought $1,000 to $15,000 of Bitcoin on Dec. 24.

The Congressman sold his Bitcoin and XRP on April 24 and sold his Solana on May 12.

Here’s a look at the trading ranges of the cryptocurrencies on the dates that Reschenthaler made his purchases:

BTC: December 24, 2022, daily range of $13,837.03 to $15,089.60

SOL: December 11, 2022, daily range of $11,003.08 to $12,804.02

XRP: December 11, 2022, daily range of $12,874.48 to $14,933.04

Based on those daily ranges on the dates of purchase, here is a look at how much crypto Reschenthaler could have purchased, assuming he invested the full $15,000:

BTC: 0.92 crypto units

SOL: 1.08 crypto units

XRP: 1.00 crypto units

Based on the amount of crypto the Congressman could have purchased and the daily range for the crypto prices, here is a look at what his sale amounts looked like:

• BTC: $12,874.48 to $14,933.04

• SOL: $11,003.08 to $12,804.02

• XRP: $13,837.03 to $15,089.60

A look at the math above shows Reschenthaler likely lost money on all three cryptocurrencies he bought and sold, with the potential of making a small profit on Bitcoin if he bought at the lowest price on Dec. 24 and sold at the highest price on April 24.

Did You Know?

Why It's Important: Now, consider if Reschenthaler had done what many cryptocurrency investors do and kept his crypto for the long run. Today, the values would be much higher.

Here are the values of Reschenthaler’s former BTC, SOL and XRP stakes based on the prices at the time of writing listed below:

BTC: $9,564.65

SOL: $15,804.02

XRP: $11,003.08

Reschenthaler may not have made more by holding his Solana until now and likely would have made only a slightly larger profit or loss by holding XRP until today. However, the real change in value comes with Bitcoin.

The congressman would be up on his Bitcoin trade had he held until today, while selling in April likely meant he lost money on his December trade.

Bitcoin hit all-time highs of $111,970.17 on May 22 and many analysts and experts see the leading cryptocurrency going higher by the