Republican senator Rafael “Ted” Cruz has become the latest official to jump on the Bitcoin (BTC) hype and used the opportunity of a collapsing currency to get in.
As BTC plummeted to $36,000 over the recent weeks, Cruz reportedly spent between $15,000 and $50,000 on the cryptocurrency through the River brokerage.
Cruz has long been an advocate for the greater adoption of blockchain and crypto in Texas and the US.
During most of 2021, the senator spent his public campaign dropping hints about the benefits of crypto and wanted to make it possible to use crypto at gift shops and vending machines at the US Capitol.
Crypto did have some bad press as well. When Texas was in a cold snap that saw anomalous weather conditions, miners had to reduce their operations to protect the state’s struggling electric grid. Cruz’ name surfaced at the time as he was away on holiday with his family.
In endorsing and even entering crypto, Cruz is effectively aligning himself with others, such as Senator Cynthia Lummis of Wyoming who is also a backer of cryptocurrencies. The US has been pushing towards the legalization of crypto on state-by-state basis.
Places like Wyoming have proven to be early adopters. Florida and New York are two other states where crypto support has been mounting.
New York City mayor Eric Adams has accepted payment in BTC and he argues that he doesn’t regret doing so, despite the recent currency dip which effectively reduced his holdings, Adams is happy to continue.
Both Miami and NYC are vying to be “crypto capitals” as legislation is still lacking to back either cities’ aspirations. A strong leader, though, seems to have done the trick so far.
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