Senator Ted Cruz reveals bitcoin purchase worth up to $50,000

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Sen. Ted Cruz, R-Texas, questions United States Capitol Police Chief J. Thomas Manger during the Senate Rules and Administration Committee hearing on ‘police oversight of the United States Capitol after the January 6 attack on the Capitol, Part III”, in Washington, January 5, 2022.

tom williams | Swimming pool | Reuters

Senator Ted Cruz bought bitcoin during his decline last month, according to a new financial disclosure with the US Senate.

The Texas Republican purchased between $15,001 and $50,000 of the world’s most valuable cryptocurrency on Jan. 25, according to the disclosure. He used the River brokerage to complete the transaction.

At the time of the acquisition, bitcoin was trading between $36,000 and $37,000 in a selloff that raised fears of a “crypto winter.” The last time this happened was in late 2017 and early 2018 when bitcoin fell 80% from its all time high. The digital coin is now trading around $41,500 as it begins to rebound. The currency hit an all-time high of $69,000 in November.

Cruz has aligned with bitcoin in recent months as Texas emerges as a bitcoin mining hub.

He spoke out in August against provisions of the bipartisan Senate bill that would have included new tax rules for crypto-trading companies and brokers. In November, Cruz proposed a resolution that would allow food vendors and other merchants serving Congress to accept cryptocurrency as payment.

Cointelegraph first reported the January 25 transaction.

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