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Senator Ted Cruz declares $50,000 Bitcoin purchase
Senator Ted Cruz declares $50,000 Bitcoin purchase
Bitcoin

Senator Ted Cruz declares $50,000 Bitcoin purchase

By Stefania Stimolo - 8 Feb 2022

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Texas Senator Ted Cruz declared the purchase of Bitcoin worth $50,000, during the most recent BTC bear market. The transaction took place while Bitcoin was worth $36,000. 

Ted Cruz, buying Bitcoin during bear market phase

According to reports, Texas Senator Ted Cruz personally bought Bitcoin worth between $15,001 and $50,000 on exactly 25 January. Specifically, the date turns out to be in the middle of the bear market trend of the BTC price. 

On the date of the transaction, in fact, the price of bitcoin was around $37,000. In this regard, Cruz reportedly stated:

“Cryptocurrency and bitcoin mining provide enormous opportunities. They are creating a vast amount of wealth. They are creating a hedge for people against inflation, inflation is a growing concern across the country. They are creating entrepreneurs in all 50 states. I’m also particularly proud that my home state, Texas, is becoming an oasis for the blockchain community, for bitcoin miners, for innovators and entrepreneurs in the crypto world”.

Cruz joins US politicians who publicly claim to be Bitcoiners. 

US Bitcoin politicians
Several US politicians are bitcoiners

US politicians who own Bitcoin

The news of Ted Cruz and his purchase of Bitcoin (BTC), especially during the bear market, is just further confirmation that many US politicians publicly claim to own the queen of cryptocurrencies. 

Ted Cruz has always been very proud of the crypto and mining industry. Last November, on Biden’s Infrastructure Bill, Cruz reportedly prepared a bill to repeal certain cryptocurrency provisions. 

In this regard, Anthony Pompliano commented on Twitter:

“Ted Cruz has disclosed that he recently purchased #Bitcoin. He is the latest politician to acquire digital sound money, but he won’t be the last”.

And indeed, Cruz joins famous names in the world of US politics such as Wyoming’s pro-bitcoin Senator Cynthia Lummis. Furthermore, Pat Toomey from Pennsylvania has also said that he has exposure to cryptocurrencies in his wallet thanks to Grayscale. 

Bitcoin and the current price trend

Looking at the price chart of BTC, at the time of writing, the queen of cryptocurrencies marks a +12% in the last week, worth $43,400

Sure enough, over the past month, BTC’s price has been hovering over the $41,600 price resistance, with a downside that started on 20 January and “maybe” ended on 5 February. During that time, BTC reached its low of $33,400

 

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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