Texas Senator Ted Cruz Discloses $50,000 Bitcoin Buy Throughout Dip

A latest monetary disclosure with the U.S. Senate revealed that Texas Senator Ted Cruz (R-TX) bought as much as $50,000 in bitcoin throughout its dip final month.

With Bitcoin’s worth dipping beneath the $40k degree within the first month of this yr, many crypto lovers noticed it as a chance to harp into the area.

On Jan. 25, the Texas senator purchased between $15,001 to $50,000 of bitcoin, in accordance with the brand new monetary disclosure. He says he used River Brokerage to buy the asset when bitcoin was buying and selling round $36,000 and $37,000 throughout a sell-off.

Whereas the cryptocurrency’s worth has since risen to above $40,000 over the next days, because of this his buy ought to have gained at the very least $2,000, as of press time.

Texas a New Crypto Mining Hub?

The lawmaker’s buy isn’t overly shocking contemplating the truth that he is among the few vocal supporters of the blockchain and crypto business amongst legislators within the U.S. Congress. As just lately as November final yr, Senator Cruz proposed that retailers serving Congress must be allowed to have the choice of receiving their funds in crypto.

To Texas’ benefit, Cruz publicly supporting cryptocurrency, particularly, bitcoin, provides to the state’s onward march in the direction of turning into a brand new crypto mining hub.

Resulting from its litany of pro-crypto insurance policies and low cost electrical energy, Texas rapidly has change into a alternative location for a lot of Bitcoin miners who’ve been on the lookout for inexpensive power sources to mine the digital asset.

The town of Austin has additionally reportedly entered right into a partnership with CityCoins for its AustinCoin ATX. Mining for AustinCoin ATX has not but began, nonetheless.

CityCoins, a nonprofit and opensource protocol that runs on the Stacks (STX) blockchain, presently performs host to the town of Miami’s MiamiCoin ($MIA) and New York Metropolis’s NYCCoin – each of whom are the primary two cities to launch its personal cryptocurrency that pays out dividends to its residents in bitcoin.

Rumor has it that the town of Philadelphia will quickly be becoming a member of as a possible third in CityCoins’ rising portfolio, with Philadelphia Mayor Jim Kenney and chief data officer Mark Wheeler expressing their public assist for becoming a member of CityCoins.