https://ift.tt/t93PHEV Ted Cruz declares purchase of Bitcoin

Texas Senator Ted Cruz declared the purchase of Bitcoin worth $50,000, during the most recent BTC bear market. The transaction took place while Bitcoin was worth $36,000. 

Ted Cruz, buying Bitcoin during bear market phase

According to reports, Texas Senator Ted Cruz personally bought Bitcoin worth between $15,001 and $50,000 on exactly 25 January. Specifically, the date turns out to be in the middle of the bear market trend of the BTC price. 

On the date of the transaction, in fact, the price of bitcoin was around $37,000. In this regard, Cruz reportedly stated:

“Cryptocurrency and bitcoin mining provide enormous opportunities. They are creating a vast amount of wealth. They are creating a hedge for people against inflation, inflation is a growing concern across the country. They are creating entrepreneurs in all 50 states. I’m also particularly proud that my home state, Texas, is becoming an oasis for the blockchain community, for bitcoin miners, for innovators and entrepreneurs in the crypto world”.

Cruz joins US politicians who publicly claim to be Bitcoiners. 

US politicians who own Bitcoin

The news of Ted Cruz and his purchase of Bitcoin (BTC), especially during the bear market, is just further confirmation that many US politicians publicly claim to own the queen of cryptocurrencies. 

Ted Cruz has always been very proud of the crypto and mining industry. Last November, on Biden’s Infrastructure Bill, Cruz reportedly prepared a bill to repeal certain cryptocurrency provisions. 

In this regard, Anthony Pompliano commented on Twitter:

“Ted Cruz has disclosed that he recently purchased #Bitcoin. He is the latest politician to acquire digital sound money, but he won’t be the last”.

And indeed, Cruz joins famous names in the world of US politics such as Wyoming’s pro-bitcoin Senator Cynthia Lummis. Furthermore, Pat Toomey from Pennsylvania has also said that he has exposure to cryptocurrencies in his wallet thanks to Grayscale. 

Bitcoin and the current price trend

Looking at the price chart of BTC, at the time of writing, the queen of cryptocurrencies marks a +12% in the last week, worth $43,400. 

Sure enough, over the past month, BTC’s price has been hovering over the $41,600 price resistance, with a downside that started on 20 January and “maybe” ended on 5 February. During that time, BTC reached its low of $33,400.