Texas senator Ted Cruz just bought the latest Bitcoin dip confirming that he is ready to put his money where his mouth is as we are reading further in our latest Bitcoin news.
According to the financial disclosures filed on Friday 4th, Ted Cruz bought the latest Bitcoin dip and purchased between $15K and $50K worth of BTC using the River brokerage. At the time, BTC was trading between $36,000 and $37,000 while over the past few days it has increased to a current price of around $41,600. assuming that he didn’t sell his BTC and incurred any short-term capital gains taxes, his profits right now on the transaction are in the levels between $2000 and $6850.
Following the example of fellow senator Cynthia Lummis from Wyoming, Cruz spent a lot of the latter half of the crypto bull run to align himself with the blockchain industry as his state benefited from an influx of BTC mining companies and the interest in the subjects became even more widespread. He advocated for the acceptance of crypto payments at gift shops and vending machines in the US capitol complex and opposed a provision in the infrastructure bill that critics said will extend the definition of brokers to miners and could validators and coders.
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During the current winter storm that is engulfing Texas, some crypto miners slowed or ceased operations to help and protect the energy grid infrastructure that failed during a prolonged freeze in 2021. Cruz was even absent for a part of the time and he visited the Mexican resort of Cancun.
River Financial is licensed in a number of US states but doesn’t note a texas money transmitter license on the website. As per the Texas Department of Banking guidance on Virtual Currencies, no exchange license is required in Texas to conduct any type of transaction exchanging virtual currencies. A number of members of congress including Democrats Jake Auchincloss of Massachusetts and Marie Newman of Illinois and many more disclosed holdings in crypto-related stocks.
As recently reported, Senator Cruz believes that the state could make use of the abundant energy resources while Bitcoin remains rife with environmental issues. Ted Cruz thinks that abundant energy resources are a huge opportunity for bitcoin.
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