Republican Senator Ted Cruz of Texas is the latest politician to enter the bitcoin space. Not long ago, Cruz bought the dip that bitcoin was experiencing and purchased roughly $50,000 worth of the world’s most popular digital currency.
Ted Cruz Has Jumped on the BTC Train
Cruz has long been a serious bitcoin advocate, and thus traders should consider him a friend and ally against Biden’s disastrous digital currency tactics and would-be regulations. Cruz was one of several Congressmen who chose to fight against the trillion-dollar infrastructure bill that came about last summer. He commented that the hidden digital currency regulations in the bill would likely infringe on privacy rights and prevent the space from moving in the right direction.
The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation.
The transaction Cruz engaged in occurred in late January of this year. At the time, bitcoin had lost more than $30,000 from its recent all-time high in November of 2021. During that month, the digital currency was trading for about $68,000 per unit, the largest number the currency had ever achieved up to that point. The transaction also occurred through a platform known as River Financial, a leading digital currency enterprise.
While things have been slow, Cruz is already experiencing some solid boosts in his personal wealth thanks to the investment. This week, bitcoin rose beyond $43,000 for the first time in well over a month, meaning his purchase is already worth a lot more.
Cryptocurrency has seemingly jumped to the forefront of American politics in recent years. While it cannot be put on the same pedestal as the economy, border security, or job growth, it has certainly garnered the attention of several politicians, but not always for the right reasons. The infrastructure bill is a perfect example.
While the bill was allegedly designed to fix America’s roads, hospitals, and many other aspects of modern life, it contained several provisions that seemingly infringed on the privacy of traders. For instance, it was stated in the bill that all crypto transactions exceeding $10K were to be reported to the Internal Revenue Service (IRS). It was also stated that regulators would come down harder on digital currency traders when tax season arrived.
Several members of Congress who were pro crypto sought to implement amendments that clarified verbiage in the bill and properly described digital currency platforms and their roles in the trading world.
Crypto and Politics Seem to Go Hand in Hand
In addition, crypto was at the heart of the 2020 election, with several democrat candidates – such as Andrew Yang and Michael Bloomberg – claiming they would work to make crypto-based laws far more understandable.
The dip in crypto prices over the past few months have led to several people worrying about a potential crypto winter and 2022 repeating the patterns of 2018.