Senator Ted Cruz (R-TX) bought bitcoin up to $50,000 during its dip last month.
While the value of Bitcoin has fallen below the $40,000 mark, many people have seen it as an opportunity to enter the cryptocurrency space.
Cruz bought between $15,001 to $50,000 of bitcoin on Jan. 25, according to his latest financial disclosure. He says he used River Brokerage to purchase the asset when bitcoin was trading around $36,000 and $37,000.
The cryptocurrency’s value has since risen to above $40,000 over the subsequent days, which means that his purchase should have gained at least $2,000, as of press time.
A New Crypto Mining Hub?
The U.S. Congress is one of the few lawmakers that are pro-blockchain and crypto industry, but this is not surprising considering that the lawmaker is a vocal supporter of the crypto and blockchain industry. Last year, he proposed that merchants serving Congress should be allowed to receive their payments in crypto.
For Texas, this advantage is important, as it helps to ensure that it continues to become a crypto mining hub.
Due to its cheap electricity and many incentives, Texas has become a popular choice for many Bitcoin miners who are looking for a place to build a mining farm.
According to the city of Austin, it has entered into a partnership with CityCoins for its AustinCoin ATX. However, mining for AustinCoin ATX has not yet started.
CityCoins is a nonprofit and opensource protocol that runs on the Stacks (STX) blockchain. It currently plays host to the city of Miami’s MiamiCoin ($MIA) and New York City’s NYCCoin. These two cities are the first two to launch its own cryptocurrency that pays out dividends to its citizens in bitcoin.
The city of Philadelphia is on the verge of joining as a potential third in CityCoins’ growing portfolio, with Mayor Jim Kenney and Chief Information Officer Mark Wheeler expressing their public support for joining CityCoins.
The crisis has been going on for the past few weeks and the miners have willingly chosen to power down their operations to help the authorities conserve energy during the crisis, given the national winter storm Texas experienced back in 2021.
This gesture has earned the mining community more friends and acclaim from the wider public.
Featured photo source pexels.com