Ted Cruz buys the Bitcoin dip

Rafael ‘Ted’ Cruz, the inferior Republican legislator from Texas, is putting his wealth wherever his rima is.

According to a fiscal disclosure filed connected Friday 4th Feb, Cruz bought betwixt $15k and $50k worthy of Bitcoin (BTC) connected January 25th, utilizing the River brokerage.

At the time, Bitcoin was trading betwixt $36k and $37k, and implicit the consequent days it has risen to a existent terms of astir $41,600. Assuming helium hasn't sold his bitcoins and incurred immoderate abbreviated word superior gains taxes, his existent nett connected the transaction is successful the portion of  $2,000 - $6,850.

Source: United States Senate Financial Disclosures

Following the illustration of chap Senator Cynthia Lummis of Wyoming, Cruz spent overmuch of the second fractional of the crypto bull tally aligning himself with the blockchain and cryptocurrency industry, arsenic his authorities benefited from an influx of Bitcoin mining companies and involvement successful the taxable became much widespread.

He has advocated for the acceptance of cryptocurrency payments astatine gift shops and vending machines successful the U.S. Capitol complex, and opposed a provision successful the caller infrastructure measure that critics said would widen the explanation of a ‘broker’ to miners, and perchance adjacent validators and coders.

During the existent acold spell engulfing the authorities of Texas, immoderate crypto miners slowed oregon ceased operations to assistance support the state’s vigor grid infrastructure, which failed during a prolonged frost successful 2021. Cruz himself was notoriously absent for portion of that time, arsenic helium was visiting the Mexican edifice of Cancún.

River Financial is licensed successful a fig of U.S. states, but does not enactment a Texas Money Transmitter licence connected its website. According to the Texas Department of Banking guidance connected Virtual Currencies, however, “no currency speech licence is required successful Texas to behaviour immoderate benignant of transaction exchanging virtual with sovereign currencies.”

A fig of Members of Congress, including Democrats Jake Auchinloss of Massachusetts and Marie Newman of Illinois, and Republicans Jeff Van Drew of New Jersey and Barry Moore of Alabama, person disclosed holdings successful cryptocurrency oregon related stocks.