Sen. Rafael ‘Ted’ Cruz, a freshman Republican from Texas, is putting his money on the pioneer crypto asset amid pending regulation from the Joe Biden administration
Cruz purchased between $15k and $50k worth of Bitcoin (BTC) on January 25th, reported a financial disclosure filed on Friday 4th of February.
During that period, the price of Bitcoin traded between $36K and $37.9K and it has now risen to a current level of above $41.5K
His current profit on the transaction is between $2K and $6.8K, assuming he has not sold his bitcoins and has not incurred any short-term capital gains taxes.
Several senators, including Cindy Lummis of Wyoming, aligned themselves with the blockchain and cryptocurrency industries during the latter stages of the crypto bull run, as his state benefited from an influx of Bitcoin mining companies and interest in the subjects grew.
He has proposed accepting crypto payments in gift shops and vending machines at the U.S. Capitol complex, and criticized a provision in recent infrastructure legislation that critics said would extend the concept of a ‘broker’ to miners, and possibly validators and coders as well.
In reversing losses from a few days ago, the flagship crypto and others rallied on Friday.
In addition to altcoins, ether, the second most valuable crypto by market value, rose strongly as well
Furthermore, a move above $42K could signal a possible recovery phase for bitcoin if buyers hold on to support above $40K over the coming days.