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

A new financial disclosure shows that Republican US Senator Rafael ‘Ted’ Cruz had bought Bitcoin last month during its low point.

Cross buy BTC Dip

The pro-cryptocurrency man who has been increasingly vocal about cryptocurrency in recent months bought Bitcoin worth between $15,001 and $50,000 on Jan. 25. At the time, the cryptocurrency was falling to $37,936.6, about 45% below its all-time high of $69,000 in November.

Source: US Senate Financial Disclosures.

Cruz used the River Financial brokerage house to carry out the transaction. The world’s most valuable digital currency is trading at $42,594 at press time.

Assuming you haven’t sold your Bitcoins and incurred no short-term capital gains taxes, your profit stays between $2,000 and $6,800.

The Texas senator has become a crypto advocate in the US Senate, speaking optimistically about Bitcoin mining, particularly in his home state.

He spoke out against a crypto tax in the Senate infrastructure bill in August 2021, a measure that is expected to raise about $28 billion in new tax revenue over a decade.

Cruz also introduced a resolution calling for merchants and vendors doing business on Capitol Hill in Washington, DC to accept cryptocurrency payments.

Lawmakers Turn ‘Pro-Crypto’

Several senators have disclosed that they own cryptocurrencies, including Pennsylvania’s Pat Toomey, a crypto evangelist, who said he “has exposure” to cryptocurrencies in his portfolio. Toomey has smaller holdings in crypto-related investment vehicles.

According to financial disclosures filed on July 7, 2021, Toomey purchased between $1,000 and $15,000 each of shares in investment vehicles Grayscale Bitcoin Trust and Grayscale Ethereum Trust, which seek to track Bitcoin and Ethereum prices. The Senator described it as part of his “diverse portfolio”.

Cynthia Lummis, a senator from Wyoming, bought approximately $250,000 worth of Bitcoin, making her the largest U.S. legislator who invested 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.

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