Senator Ted Cruz buys Bitcoin during the downturn

Senator Ted Cruz buys Bitcoin during the downturn - Ted Cruz Presser REUTERS TTThe Republican senator bought between $ 15.001 and $ 50.000 worth of Bitcoin, at a time when the cryptocurrency was collapsing, using the broker River Financial.

A new financial disclosure shows that US Republican Senator Rafael 'Ted' Cruz bought Bitcoin last month during its low. Have you done it too?

Cruz buys BTC during the downturn

The pro-crypto man who has been increasingly vocal about cryptocurrency in recent months bought Bitcoin worth between $ 15.001 and $ 50.000 on January 25. At the time, the cryptocurrency was falling to $ 37.936,6, roughly 45% below its all-time high of $ 69.000 in November.

Cruz used the River Financial broker to make the transaction. The world's most valuable digital currency is trading at $ 42.594 at press time.

Assuming he hasn't sold his Bitcoins and incurred no short-term capital gains taxes, his profit remains between $ 2.000 and $ 6.800.

The Texas senator has emerged as a cryptocurrency advocate in the US Senate, speaking optimistically about Bitcoin mining, particularly in his home state.

He spoke out against a cryptocurrency tax in the Senate infrastructure law in August 2021, a move that is expected to raise about $ 28 billion in new tax revenue over a decade.

Cruz also introduced a resolution for merchants and sellers doing business on Capitol Hill in Washington, DC to accept crypto payments.

Lawmakers become 'Pro-Crypto'

Several senators revealed they own cryptocurrencies, including Pat Toomey of Pennsylvania, a cryptocurrency evangelist, who said he "has exposure" to cryptocurrencies in his wallet. Toomey has minor stakes in vehicles of investment related to cryptocurrencies.

According to financial information filed on July 7, 2021, Toomey bought between $ 1.000 and $ 15.000 each of shares in the Grayscale Bitcoin Trust and Grayscale Ethereum Trust investment vehicles, which seek to track the prices of Bitcoin and Ethereum. The senator defined it as a part of his "diversified portfolio".

Wyoming senator Cynthia Lummis bought about $ 250.000 worth of Bitcoin, making her the most heavily invested US lawmaker in the digital asset. You also have smaller holdings in cryptocurrency-related investment vehicles.

Similar disclosures last year revealed that Alabama Congressman Barry Moore bought Ethereum, Cardano and Dogecoin.