Ted Cruz, the cryptocurrency friendly US (Texas) senator has been boosting his Bitcoin holdings amid uncertainties about crypto rules. In January 2022, when Bitcoin was reeling with setbacks, the Republican senator bought a considerably load of BTC tokens. According to a financial document, the 51-year old Cruz had spent between $15,000 and $50,000 to acquire the numero uno asset.
The actual cash paid for the transaction remains uncertain. The trade was performed on January 25, when Bitcoin was selling at over $37,000. An image of Cruz’s formal file was tweeted by news outlet Watcher Guru on February 5.
Cruz has already been pushing the use of cryptocurrency transactions for months. He has suggested to enable cryptocurrency payments in the souvenir stores and vending machines at the US Capitol complex situated in Washington, DC. In recent years, Texas has risen as a Bitcoin mining powerhouse in the US. The state gives a 10-year tax exemption, sales tax incentives, and state-aided workforce training to cryptocurrency miners enticing even more them, a research by Data Center Dynamics claimed.
— Watcher.Guru (@WatcherGuru) February 5, 2022
With Bitcoin mining gathering up pace in Texas, its power company Electric Reliability Council of Texas (ERCOT) has anticipated a five-fold spike in energy demands in the forthcoming days. While the cryptocurrency regulatory standards are still being reviewed by the US authorities, New York Municipal and Miami are actively marketing city currencies for inhabitants. Rest of the senators in the US has also emerged in favor of Bitcoin, which has been described as the new era gold by billionaire Mark Cuban.
Several Members of US Congress, notably Democrats Jake Auchinloss of Massachusetts, Marie Newman of Illinois, Republicans Jeff Van Drew of New Jersey, and Barry Moore of Alabama have revealed ownership in cryptocurrencies or similar equities in the US.