Texas Senator Ted Cruz Discloses $50,000 Bitcoin Buy Throughout Dip

A current monetary disclosure with the U.S. Senate revealed that Texas Senator Ted Cruz (R-TX) bought as much as $50,000 in bitcoin throughout its dip final month.

With Bitcoin’s worth dipping beneath the $40k stage within the first month of this yr, many crypto lovers noticed it as a possibility to harp into the area.

On Jan. 25, the Texas senator purchased between $15,001 to $50,000 of bitcoin, in keeping with the brand new monetary disclosure. He says he used River Brokerage to buy the asset when bitcoin was buying and selling round $36,000 and $37,000 throughout a sell-off.

While the cryptocurrency’s worth has since risen to above $40,000 over the next days, because of this his buy ought to have gained at the least $2,000, as of press time.

Texas a New Crypto Mining Hub?

The lawmaker’s buy isn’t overly shocking contemplating the truth that he is likely one of the few vocal supporters of the blockchain and crypto business amongst legislators within the U.S. Congress. As not too long ago as November final yr, Senator Cruz proposed that retailers serving Congress must be allowed to have the choice of receiving their funds in crypto.

To Texas’ benefit, Cruz publicly supporting cryptocurrency, particularly, bitcoin, provides to the state’s onward march in the direction of turning into a brand new crypto mining hub.

Due to its litany of pro-crypto insurance policies and low cost electrical energy, Texas shortly has turn out to be a alternative location for a lot of Bitcoin miners who’ve been on the lookout for reasonably priced vitality sources to mine the digital asset.

The metropolis of Austin has additionally reportedly entered right into a partnership with CityCash for its AustinCoin ATX. Mining for AustinCoin ATX has not but began, nevertheless.

CityCash, a nonprofit and opensource protocol that runs on the Stacks (STX) blockchain, presently performs host to town of Miami’s MiamiCoin ($MIA) and New York City’s NYCCoin – each of whom are the primary two cities to launch its personal cryptocurrency that pays out dividends to its residents in bitcoin.

Rumor has it that town of Philadelphia will quickly be becoming a member of as a possible third in CityCash’ rising portfolio, with Philadelphia Mayor Jim Kenney and chief info officer Mark Wheeler expressing their public support for becoming a member of CityCash.