U.S. Senator Ted Cruz Buys Up to $50,000 in Bitcoin During Latest Cryptocurrency Market Crash

During the recent price carnage, Rafael 'Ted' Cruz (R-TX) added more bitcoin to his personal portfolio.

A new financial disclosure made to the U.S. Senate on Feb. 4 shows the junior Texas senator received between $15,000 and $50,000 on Jan. 25. According to the filing, the purchase was executed through River Financial, a high-end bitcoin brokerage firm.

Cruz did buy the decline as bitcoin and other cryptocurrencies had fallen to levels not seen in six months at the time. In particular, bitcoin fell below $37,000 shortly after the Federal Reserve announced it would stop printing money and raise borrowing costs to shore up the economy and keep inflation spikes in check.

However, at the time of publication, the largest cryptocurrency by market capitalization has rebounded to over $40,000. Assuming any of his recent coin purchases have not sold, the Republican senator is currently making a profit of around $2,000 to $6,850.

Cruz's Bitcoin History

In recent months, Cruz has been an ardent advocate of Bitcoin.

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He previously submitted a proposal to require all vending machines, restaurants and gift stores located on Capitol Hill to accept cryptocurrency as a method of payment.

Cruz also introduced legislation that sought to undo language regarding cryptocurrency brokers in the $1.2 trillion infrastructure bill, which was later signed into law by President Joe Biden last November.

Most notably, Texas is emerging as a leading bitcoin mining powerhouse as China outlaws cryptocurrency mining. Bitcoin miners are flocking to Texas due to the state's cheap electricity. Cruz had suggested during the Texas Blockchain Summit that using wasted natural gas for bitcoin mining would help make the Texas grid more resilient.

image-5-1024x650.png.webp TradingView's K-line chart of BTCUSD

According to CoinMarketCap, BTC has gained 9.64% in the last 24 hours and is trading at $41,552.42. Despite reversing losses from a few days ago, the dormant cryptocurrency is still down 39.8 percent from its all-time high of $69,044.77 touched in November.