US Senator Ted Cruz bought up to $50,000 worth of bitcoin last month, according to a new financial disclosure filed with the US Senate.
The Texas Republican bought between $15,001 to $50,000 of the world’s most valuable cryptocurrency on Jan. 25, according to the disclosure. He used the brokerage River to make the transaction.
On the date on transaction, bitcoin was trading at $36,000 to $37,000 far below a record high of close of $69,000 reached in November.
The senator from Texas has positioned himself as a vocal supporter of bitcoin. In June last year, he said that people are flocking to BTC because the U.S. is on the verge of an inflation crisis.
??The Senate is on the verge of passing legislation that would be TERRIBLE for cryptocurrency.??
The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation.
Supporters of crypto need to make their voices heard. https://t.co/iXrcnne0tV
— Ted Cruz (@tedcruz) August 7, 2021
In November last year, he introduced a resolution for cryptocurrency to be accepted at “restaurants, vending machines, and gift shops in the Capitol Complex.”
Senator Cruz also said: “Cryptocurrency and bitcoin mining provide enormous opportunities. They are creating a vast amount of wealth. They are creating a hedge for people against inflation, inflation is a growing concern across the country. They are creating entrepreneurs in all 50 states.”
He added: “I’m also particularly proud that my home state, 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 one thing that’s capable of screwing this all up is the United States Congress.” Cruz has also raised concerns that most Congress members do not understand what Bitcoin is but they are trying to regulate it anyway.
Given the major flaws in the underlying bill’s unworkable and devastating crypto provision, I also filed a separate amendment to strike the whole thing, in the event a bipartisan deal can’t be reached.
We have to act now to stop this.
— Ted Cruz (@tedcruz) August 7, 2021
Several U.S. lawmakers have disclosed that they own cryptocurrency, including the pro-bitcoin senator from Wyoming, Cynthia Lummis. Recently, Senator Pat Toomey from Pennsylvania also said he has exposure to cryptocurrency in his portfolio. He believes that crypto is here to stay and diversified portfolios should have some.
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