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Ted Cruz bought bitcoin at $37000 level

Cruz buys bitcoin as the state struggle to become leading crypto state

07.Feb.22 2:49 PM
By Cruz buys bitcoin as the state struggle to become leading crypto state


Ted Cruz bought bitcoin at $37000 level
American politicians in these types of positions must officially always report these types of purchases. Cruz shared on February 4 that he bought bitcoin worth $15,001 to $50,000. The price of bitcoin at the date of purchase (January 25) was just below $37.000.De senator is a client at River Capital.

Cruz is a representative from Texas. The state sees great advantages in bitcoin. The (crypto)mining industry in particular is high on the agenda. Several politicians use bitcoin explicitly in their political campaigns.

Governor Greg Abbott wants to make Texas the hotspot for bitcoin. He thinks the industry can even ensure a more stable electricity network. While mining is banned in other places for the same reason, the Texas governor sees increasing the demand for energy as the solution to the shortage of it.

Texas has a wide range of solar and wind energy due to a convenient location the United States. The disadvantage of this dependence on wind and sun is that the supply does not always correspond to the moments when there is a high demand for energy. If Abbott's strategy works out well, bitcoin mining becomes the activity to balance energy demand.

In the United States, there are many different political movements. It is remarkable that bitcoin is not (yet) a subject that is renounced by one of the two major parties while the other is fully committed to it. It is a subject with supporters and opponents on both sides of the political spectrum.

The city of New York has a mayor from the stable of the Democrats who has his salary paid partly in bitcoin. While Republican senator Cynthia Lummis has been advocating for an open policy around bitcoin for years. Lummis has personally been convinced of bitcoin for years. In the same way as with Cruz, we know that she regularly buys bitcoin. In her own words, she started saving BTC years ago.

Of course, there are also a lot of opponents. A possible success of bitcoin as a world reserve currency automatically causes the US dollar to lose that position. It will prevent US from enjoying cheap (free, in fact) loans.

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