US Sen. Ted Cruz announced buying bitcoin worth $50,000. He said how Texas, his home state has become a favorite place for people working on blockchain projects. It is attracting bitcoin miners, innovators and other entrepreneurs working on crypto and blockchain projects.
Buying the Bitcoin
The US Sen. purchased the bitcoin dip, according to a transaction report submitted on Friday. It showed the Texas senator on January 25 personally buying bitcoin worth up to $15,000-$50,000. The price of bitcoin on the transaction date was hovering at $37,000, according to the data of Bitcoin.com Markets. Currently, bitcoin is trading at $43,525 after seeing some ups and downs over last several days. Sen. Ted has been a vocal proponent of bitcoin. Last year in June, he had said that BTC is becoming a favorite with US investors because the country is at risk of inflation. Last year in November he had introduced a resolution to make cryptocurrency acceptable at Capitol Complex gift shops, vending machines and restaurants.
Senator Sees Huge Opportunities in Crypto
He sees lots of opportunities coming up in bitcoin and cryptocurrency mining. According to him, cryptos are generating lots of wealth for many people. These currencies offer an excellent hedge against inflation. The country is going to see high inflation. The crypto industry is creating many entrepreneurs across all states in the US. He added that he is proud of his home state becoming a place for the people working on blockchain projects.
Ted warned that US Congress can spoil all these achievements and benefits. He said that most members of Congress do not understand cyptos like bitcoin but planning to regulate the field anyway. Many other senators in recent times have disclosed owning cryptocurrency.