US Senator Ted Cruz Bought Bitcoin Dip, Discloses BTC Purchase Worth Up to $50,000 Cryptocurrency

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US Senator Ted Cruz said his purchase of bitcoins was worth up to $50,000. “I am also especially proud that my home state of Texas is becoming an oasis for the blockchain community, for bitcoin miners, for innovators and entrepreneurs in the crypto world,” the senator said.

Senator Ted Cruz declares the purchase of Bitcoin

US Senator Ted Cruz bought the bitcoin drop. A periodic transaction report deposit on Friday shows that the Texas senator personally purchased bitcoin worth between $15,001 and $50,000 on January 25.

As of the date of the trade, the price of bitcoin was hovering around $37,000 based on data from Bitcoin.com Markets.

At the time of writing, the price of bitcoin is $41,708. BTC is up 10.5% in the last seven days but down 4.2% in the last 30 days.

The Texas senator has long been a strong supporter of bitcoin. In June last year he said people were flocking to BTC because the United States is on the verge of an inflation crisis.

In November of last year, he introduced a resolution for cryptocurrency to be accepted at “Capitol Complex restaurants, vending machines, and gift shops.”

Senator Cruz also said, “Cryptocurrency and bitcoin mining offer huge opportunities. They create immense wealth. They create a hedge for people against inflation, inflation is a growing concern across the country. They create entrepreneurs in all 50 states.

He added, “I’m also especially proud that my home state of Texas is becoming an oasis for the blockchain community, for bitcoin miners, for innovators and entrepreneurs in the crypto world.”

However, he warned: “Unfortunately, the only thing capable of ruining everything is the United States Congress.” Cruz also raised concerns that most members of Congress don’t understand what Bitcoin is, but they still try to regulate it.

Several US lawmakers have revealed they own cryptocurrency, including pro-bitcoin senator from Wyoming, Cynthia Lummis. Recently, Senator Pat Toomey of Pennsylvania also stated that he has exposure to cryptocurrency in his wallet. He believes that crypto is here to stay and diversified portfolios should have them.

What do you think of Senator Ted Cruz’s buying of bitcoin’s decline? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.




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