A recent financial disclosure from the United States Senate revealed that Texas Senator Ted Cruz bought up to $50,000 worth of BTC during his crash last month.
With the value of Bitcoin dipping below the $40,000 level in the first month of the year, many crypto enthusiasts saw it as an opportunity to dwell on the space. On January 25, the Texas senator bought between $15,001 and $50,000 worth of BTC.
He says that he used River Brokerage to buy the asset when Bitcoin was trading around $36,000 and $37,000 during a sell-off.
While the value of the cryptocurrency has since risen to over $40,000 in the days since, this means your purchase should have earned at least $2,000, as of press time.
Texas, a new crypto mining hub?
The lawmaker's purchase is not too surprising considering the fact that he is one of the few proponents of the blockchain industry and cryptocurrencies among lawmakers in the United States Congress. In November of last year, Senator Cruz proposed that merchants serving Congress should have the option to receive their payments in cryptocurrency.
To Texas' advantage, Cruz publicly supports cryptocurrency, specifically, Bitcoin, joining the state's march forward to become a new crypto mining hub.
Due to its litany of pro-crypto policies and cheap electricity, Texas has quickly become a place of choice for many Bitcoin miners who have been searching for affordable energy sources to mine the digital asset.
The city of Austin has also reportedly partnered with CityCoins for its AustinCoin ATX. However, the mining of AustinCoin ATX has not yet started.
CityCoins, an open-source, a non-profit protocol running on the Stacks (STX) blockchain, currently hosts the City of Miami's MiamiCoin ($MIA) and New York City's NYCCoin, both the former two cities to launch their own cryptocurrency that pays dividends to its citizens in Bitcoin.
The city of Philadelphia is rumored to soon join as a potential third party in the growing CityCoins portfolio, with Philadelphia Mayor Jim Kenney and Chief Information Officer Mark Wheeler expressing public support for joining CityCoins.
However, due to harsh weather conditions looming in the state, miners have voluntarily chosen to shut down their operations to help authorities conserve energy during the crisis, given the 2021 national winter storm Texas experienced. This gesture has earned the mining community more praise and friends from the general public.
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