United States Senator Ted Cruz Buys $50K in Bitcoin, Stays at $41K Current Price

Rafael ‘Ted’ Cruz, a Republican senator from Texas, bought between $15k and $50k worth of Bitcoin on Jan. 25 amid potential regulation from the Joe Biden administration, as per financial disclosure filed on Friday.

$15,000 to $50,000 in bitcoin

Cruz purchased worth between $15,000 and $50,000 in bitcoin on January 25, according to the filing, which was first reported by Cointelegraph. Cruz made the purchase through financial brokerage River, which handled the payment.

As per Business Insider, Coin Desk stated that bitcoin was trading around $36,000 to $37,000 at the time of Cruz’s purchase, a significant drop from the previous month’s all-time high of $69,000, which was set in November.

Earlier in January, experts at UBS cautioned that bitcoin’s decline indicated the possibility of a “crypto winter,” in which prices plummet, was on the horizon.

Over the last few months, Republican Senator Ted Cruz has established himself as a staunch supporter of bitcoin.

Supporters of cryptocurrency

Based on the assumption that Cruz has not sold his bitcoins and has not been subjected to any short-term capital gains taxes, Cruz’s current profit on the transaction ranges between $2,800 and $6,800.

According to Nairametrics, some lawmakers, like Cindy Lummis of Wyoming, supported the blockchain and cryptocurrency industries during the latter stages of the crypto bull run, which saw a surge in Bitcoin mining companies moving to the state.

As per the report, Cruz has proposed accepting cryptocurrency in US Capitol gift shops and vending machines, and he recently blasted an infrastructure provision that extended the notion of a ‘broker’ to miners, validators, and coders.

The flagship cryptocurrency, as well as other cryptocurrencies, surged on Friday, erasing losses from a few days earlier. In addition to altcoins, ether, the second most valuable cryptocurrency by market capitalization, saw a significant increase in value.

A rise above $42K might also mark the beginning of a possible recovery phase for bitcoin if buyers maintain their grip on support levels above $40K over the next few days.

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