Senator Ted Cruz is betting on Bitcoin (CCC:BTC-USD) with news of a major purchase last month revealed in a Senate filing.
The Republican Senator of Texas revealed he purchased between $15,001 and $50,000 worth of BTC in January. This saw him acquiring the crypto when it was trading between $36,000 and $37,000.
News of Sen. Cruz’s Bitcoin purchase comes after the crypto experienced a selloff last month that saw its price drop. That also dragged down several other cryptos as well and only recently are we seeing them bounce back.
Bitcoin is part of the resurgence as the crypto is trading for about $43,862 per token as of this writing. If that positive momentum continues, then Cruz might have made the right decision in buying BTC while it was down.
But why does the Republican Senator have an interest in Bitcoin to begin with? That’s not hard to figure out. Texas is becoming the home of many crypto miners and Cruz has been going to bat for them at the Senate. That includes objecting to new crypto taxes, as well as pushing for methods that allow vendors to easily accept the digital assets, reports CNBC.
Bitcoin is far from the only crypto in the news as prices recover from January. Several others are also on the move today that investors will want to watch. You can find out all about that at this link!
BTC is up 5.1% over the last 24-hour period as of Monday afternoon.
InvestorPlace has more crypto news that traders will want to know about below!
We’ve got all the latest crypto coverage traders need to know about today. That includes everything that’s happening with Cardano (CCC:ADA-USD), Axie Infinity (CCC:AXS-USD), and Floki Inu (CCC:FLOKI-USD). You can get up to speed on all of this news by checking out the following links!
More Crypto News for Monday
- Cardano Price Predictions: How High Will the ADA Crypto Go in 2022?
- AXS Crypto Prices Rebound as Axie Infinity Prepares a Game-Changing Update
- Floki Inu Crypto Prices Pop as FLOKI Unveils New Metaverse Game
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.