United States Senator Ted Cruz purchased $50,000 in bitcoin

During the latest market crash, Rafael 'Ted' Cruz (R-TX) added additional bitcoin to his own holdings.

Rafael ‘Ted’ Cruz (R-TX) added more bitcoin to his personal portfolio during the recent price carnage.
Rafael Ted Cruz | Image: Houston Chronicle

According to a recent financial report filed with the United States Senate on February 4, the Texas junior senator made a profit of between $15,000 and $50,000 on January 25.

The purchase was made through River Financial, a high-end bitcoin brokerage, according to the document.

Cruz did indeed buy the drop, as bitcoin and other cryptocurrencies had plummeted to levels not seen in six months.

BTC fell below $37,000 immediately after the Federal Reserve stated it would stop printing money and make borrowing more expensive in order to support the economy and keep skyrocketing inflation under control.

However, as of publication time, the largest cryptocurrency by market capitalization has risen past $40,000. If he hasn't sold any of the coins he recently purchased, the Republican Senator is currently sitting on gains of $2,000-$6,850.

Cruz's Bitcoin Experience

Cruz has become a vocal supporter of bitcoin in recent months. He had previously proposed mandating that all vending machines, eateries, and gift stores on Capitol Hill accept cryptocurrencies as a form of payment.

Cruz also submitted legislation to overturn wording in the $1.2 trillion infrastructure plan signed into law by President Joe Biden last November that related to bitcoin dealers.

Following China's crackdown on cryptocurrency mining, Texas is emerging as a major bitcoin mining superpower. Because of the state's low electricity costs, bitcoin miners have flocked to Texas.

During the Texas Blockchain Summit, Cruz suggested that mining bitcoin with unused natural gas might help the Texas power grid be more resilient.

According to CoinMarketCap, Bitcoin (BTC) has increased by 9.64 percent in the last 24 hours, trading for $41,552.42. Despite overcoming recent losses, the dormant cryptocurrency is still down 39.8% from its all-time high of $69,044.77 reached in November.