A new financial disclosure shows that U.S. Republican Senator Rafael ‘Ted’ Cruz, had purchased Bitcoin last month during its low.
Cruz Buys BTC Dip
The pro-crypto man who has been increasingly vocal on the cryptocurrency in recent months, bought Bitcoin worth between $15,001 to $50,000, on January 25. At the time, the crypto was tumbling at $37,936.6, about 45% below its all-time high of $69,000 in November.
Cruz used the brokerage River Financial to carry out the transaction. The world’s most valuable digital currency is trading at $42,594 during press time.
Assuming he hasn’t sold his Bitcoins plus hasn’t incurred short-term capital gains taxes, his profit remains between $2,000 and $6,800.
The Texas Senator has emerged as an advocate for cryptocurrency in the U.S. Senate speaking optimistically about Bitcoin mining, particularly in his home state.
He voiced out against a crypto tax in the Senate’s infrastructure bill in August 2021, a move expected to raise about $28 billion in new tax revenue over a decade.
??The Senate is on the verge of passing legislation that would be TERRIBLE for cryptocurrency.??
The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation.
Supporters of crypto need to make their voices heard. https://t.co/iXrcnne0tV
— Ted Cruz (@tedcruz) August 7, 2021
Cruz also introduced a resolution for the merchants and vendors that do business on Capitol Hill in Washington, D.C, to accept payments in cryptos.
Lawmakers Turn ‘Pro-Crypto’
Several Senators have disclosed that they own cryptocurrency, including Pat Toomey from Pennsylvania, a crypto evangelist, who said he “has exposure” to cryptos in his portfolio. Toomey has smaller holdings in crypto-related investment vehicles.
Per financial disclosures filed on July 7, 2021, Toomey bought between $1,000 and $15,000 each of stock in investment vehicles Grayscale Bitcoin Trust and Grayscale Ethereum Trust, that seek to track both Bitcoin and Ethereum prices. The Senator called it as a part of his “diverse portfolio.”
Cynthia Lummis, Senator from Wyoming, roughly bought $250,000 of Bitcoin, making her the most heavily invested U.S. lawmaker in the digital asset. She also has smaller holdings in crypto-related investment vehicles.
Similar disclosures last year revealed that Alabama Congressman Barry Moore had bought Ethereum, Cardano and Dogecoin.