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Sen. Ted Cruz discloses a bitcoin purchase worth up to $50,000

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Senator Ted Cruz (R-Texas) questions Chief J. Thomas Manger, U.S. Capitol Police, during the Senate Rules and Administration Committee Hearing on “Oversight for the U.S. Capitol Police following the January 6th Attack On the Capitol, Part III”, Washington, January 5, 2022.

Reuters| Pool | Reuters

Ted Cruz purchased bitcoin during its dipLast month, according To a new financial disclosureWith the U.S. Senate.

According to the disclosure, the Texas Republican paid $15,001 up to $50,000 for the most highly valued cryptocurrency in the world on Jan. 25. To complete the transaction, he used brokerage River.

Bitcoin was traded at $36,000 to $37,000 when the deal was made. This sell-off sparked concerns of “a bitcoin bubble” and prompted fears about a possible collapse.crypto winter.” This happened last year in 2018 and 2017 when bitcoin dropped as high as 80% off its record-setting height. Now, bitcoin is trading at around $41,500. This comes as the cryptocurrency begins to rebound. It reached an all-time high of $69,000 on November.

Cruz is aligning himself to bitcoin over the last few months. Texas emerges as a bitcoin mining hub.

He spoke outThe bipartisan Senate bill, which included tax provisions for brokers and crypto-trading companies, was defeated in August. Cruz presented a Nov. 11 proposal. resolutionIt would be possible for food sellers and merchants that serve Congress to accept cryptocurrency payment.

CointelegraphThe Jan. 25 transaction was first reported.

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