Ted Cruz, the pro-crypto Senator from Texas, USA, has expanded his Bitcoin holdings despite uncertainty over crypto regulations. In January 2022, as Bitcoin was struggling with losses, the 51-year-old Republican Senator bought a batch of BTC tokens. According to a financial filing, Cruz invested between US$15,000 (about Rs.11,000) and US$50,000 (about Rs.37,000) to purchase the property. The exact amount spent on this purchase is unknown.
The transaction was completed on Jan. 25, when BTC was trading at around $37,000 (about 27 lakh). A screenshot of Cruz’s official filing was tweeted by news outlet Watcher Guru on Feb. 5.
Cruz has been supporting the adoption of crypto payments for months. He has proposed allowing crypto payments in the gift shops and vending machines of the US Capitol complex in Washington, DC.
In recent times, Texas has emerged as a bitcoin mining hub in the United States. The state is offering crypto miners a 10-year tax break, sales tax credits, and state-sponsored employee training to attract more of them, according to a report by Data Center Dynamics.
As bitcoin mining picks up steam in Texas, the grid operator Electric Reliability Council of Texas (ERCOT) is forecasting a fivefold increase in energy loads in the coming days.
While crypto regulatory guidelines are still being discussed by US authorities, New York City and Miami are already promoting city coins for residents.
Other US senators have also spoken out in favor of bitcoin, which has been touted by billionaire Mark Cuban as the modern equivalent of gold.
Eric Adams, the mayor of New York City, has preferred to take his salary in the form of bitcoin.
A number of members of the US Congress, including Democrats Jake Auchinloss of Massachusetts, Marie Newman of Illinois, Republicans Jeff Van Drew of New Jersey and Barry Moore of Alabama, have disclosed interests in cryptocurrency or related stocks in the US.
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