Ted Cruz invests in Bitcoin’s downfall

He’s a Texas senator who’s not just talking the talk, but walking the walk.

Texan junior senator Rafael “Ted” Cruz is backing up his words with deeds.

On January 25th, Cruz purchased between $15k and $50k worth of Bitcoin (BTC) through the River brokerage, according to a financial declaration made on Friday, February 4th.

Bitcoin’s price fluctuated between $36k and $37k at the time, but it has since surged to roughly $41,600, where it currently stands. His current profit from the transaction is between $2,000 and $6,850, assuming he hasn’t sold his bitcoins and paid any short-term capital gains taxes.

 

fa240974 546f 47ad 808f 1e7cd86a595b

 

Cruz followed in the footsteps of fellow Wyoming Senator Cynthia Lummis by embracing the blockchain and cryptocurrency business in the latter half of the crypto bull run, as his state saw an influx of Bitcoin mining companies and interest in the issue grew.

At gift shops and vending machines in the U.S. Capitol complex, he has lobbied for the acceptance of cryptocurrency payments, and opposed a proposal in the recent infrastructure bill that critics said would extend the definition of broker to miners, and possibly even validators or developers.

In order to protect the state’s electricity grid infrastructure, some crypto miners paused or halted operations amid the current cold spell sweeping Texas. Cruz was notably absent during this time since he was in Cancun, Mexico, on vacation.

Although River Financial has a number of U.S. state licences, its website makes no mention of a Texas Money Transmitter licence. However, no currency exchange licence is required in Texas to undertake any form of transaction exchanging virtual with sovereign currencies, according to the Texas Department of Banking guidelines on Virtual Currencies.

Democrats Jake Auchinloss and Marie Newman, as well as Republican Jeff Van Drew and Alabama Senator Barry Moore, have publicly stated that they own cryptocurrency or other cryptocurrency-related assets.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Leave a Comment

Your email address will not be published. Required fields are marked *

Facebook
Twitter
Telegram

Recent Posts

Follow Us