in Brief:
- Rafael ‘Ted’ Cruz, a young Republican senator from Texas, purchased bitcoin amid the recent dip.
- The revelations came after fresh financial declarations were filed with the US Senate.
- Cruz used the River brokerage to make the purchase on January 25, 2022.
According to fresh financial declarations filed with the US Senate, Rafael ‘Ted’ Cruz, a young Republican senator from Texas, purchased bitcoin amid the recent dip.
Cruz made a bitcoin purchase worth between $15,001 and $50,000, according to the February 4 disclosure. Cruz used the River brokerage to make the purchase on January 25. The price of bitcoin was hovering slightly under $37,000 on the day of the purchase.
His current profit on the purchase is in the range of $2,000 – $6,850, assuming he hasn’t sold his bitcoins and paid any short-term capital gains taxes.
In the wake of China’s crackdown on crypto mining, Cruz’s home state of Texas has become a bitcoin mining hotspot as miners attempt to take advantage of the state’s deregulated energy market.
He has lobbied for the acceptance of cryptocurrency payments in gift shops and vending machines throughout the United States Capitol complex, and he has spoken out against a provision in the recent infrastructure bill that critics say would broaden the definition of a ‘broker’ to include miners, validators, and coders.
Cruz has spent much of the crypto bull run connecting himself with the blockchain and cryptocurrency industries, as his state has profited from an influx of bitcoin mining businesses and interest in the topic has grown ever since.
