Sen. Ted Cruz reveals buying Bitcoin worth $50K during dip

Texas Republican Senator Ted Cruz bought Bitcoin worth $50,000 during the last month’s dip, the senator revealed during a financial disclosure with the US Senate on Friday. According to the Periodic Transaction Report revealed, Cruz has purchased Bitcoins worth between $15,001 to $50,000 on January 25.

Cruz has revealed he purchased the bitcoins when the currency was trading between $36,000-$37,000 two weeks back using the brokerage firm River Brokerage. Meanwhile, Bitcoin is currently on a buying streak after its value rose above $40,000 during the weekend.

At press time, the world’s largest currency was trading at $42,785.25, up by 2.87% from yesterday and over 11% from last week’s returns. Alternatively, Bitcoin is still down by 7.38% compared to Year-to-Date figures.

Republican senator Cruz has long been vocal about his forward-looking views on Blockchain and cryptocurrencies, especially Bitcoin. He criticized the US Infrastructure bill, which has since been converted into a law, for not amending the definition of ‘Broker’ under the crypto tax provision of the bill.

In addition, the senator recently proposed a bill that would allow vendors working in the US Capitol to accept payments in crypto assets. At the time, he noted:

“Cryptocurrency and bitcoin mining provide enormous opportunities. They are creating a vast amount of wealth. They are creating a hedge for people against inflation, inflation is a growing concern across the country. They are creating entrepreneurs in all 50 states.”

Cruz’s home state Texas has been leveraging the boom in crypto mining even as its power grid struggled with fluctuating energy prices and irregular service. Miners recently halted most of their operations to ease their burden on the state electric facility as it prepares for the February winter freeze.

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