Given the uncertainties surrounding crypto legislation, Ted Cruz, a pro-crypto senator from Texas, has been increasing his Bitcoin holdings. When Bitcoin was losing money in January 2022, the 51-year-old Republican senator bought a bunch of BTC tokens. Cruz purchased the lot for between $15,000 (approximately Rs. 11 lakh) and $50,000 (about Rs. 37 lakh), according to a financial document. It’s unclear how much money was spent on this purchase.
On January 25, when BTC was trading at around $37,000, the transaction was completed (roughly Rs. 27 lakh). On February 5, news portal Watcher Guru posted a screenshot of Cruz’s formal filing. Cruz has long advocated for the implementation of cryptocurrency payments. He has proposed that crypto payments be accepted at the US Capitol’s gift shops and vending machines in Washington, DC.
Texas has recently become a Bitcoin mining hotspot in the United States. According to a research by Data Center Dynamics, the state provides crypto miners a 10-year tax abatement, sales tax credits, and state-sponsored worker training in order to attract more of them. With Bitcoin mining gaining traction in Texas, the Electric Reliability Council of Texas (ERCOT), the state’s grid operator, has predicted a five-fold increase in energy loads in the coming days.
While the US government is currently debating crypto regulatory rules, New York Municipal and Miami are already pushing city coins for inhabitants.
Other US senators have also expressed support for Bitcoin, which has been dubbed the “modern-day gold” by billionaire Mark Cuban.
Several number of congress members, including Democrats Jake Auchinloss of Massachusetts and Marie Newman of Illinois, Republicans Jeff Van Drew of New Jersey, and Alabama’s Barry Moore, have revealed ownership in cryptocurrencies or similar equities in the United States.