Senator Ted Cruz Buys Bitcoin Dip, Following ‘Increasing’ Crypto Support

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.