A current monetary disclosure with the U.S. Senate revealed that Texas Senator Ted Cruz (R-TX) bought as much as $50,000 in bitcoin throughout its dip final month.
With Bitcoin’s worth dipping beneath the $40k stage within the first month of this yr, many crypto fanatics noticed it as a possibility to harp into the house.
On Jan. 25, the Texas senator purchased between $15,001 to $50,000 of bitcoin, in keeping with the brand new monetary disclosure. He says he used River Brokerage to buy the asset when bitcoin was buying and selling round $36,000 and $37,000 throughout a sell-off.
Whereas the cryptocurrency’s worth has since risen to above $40,000 over the following days, which means his buy ought to have gained at the very least $2,000, as of press time.
Texas a New Crypto Mining Hub?
The lawmaker’s buy will not be overly stunning contemplating the truth that he is likely one of the few vocal supporters of the blockchain and crypto business amongst legislators within the U.S. Congress. As not too long ago as November final yr, Senator Cruz proposed that retailers serving Congress ought to be allowed to have the choice of receiving their funds in crypto.
To Texas’ benefit, Cruz publicly supporting cryptocurrency, particularly, bitcoin, provides to the state’s onward march in direction of turning into a brand new crypto mining hub.
Resulting from its litany of pro-crypto insurance policies and low-cost electrical energy, Texas rapidly has turn into a alternative location for a lot of Bitcoin miners who’ve been in search of inexpensive power sources to mine the digital asset.
Town of Austin has additionally reportedly entered right into a partnership with CityCoins for its AustinCoin ATX. Mining for AustinCoin ATX has not but began, nevertheless.
CityCoins, a nonprofit and opensource protocol that runs on the Stacks (STX) blockchain, presently performs host to town of Miami’s MiamiCoin ($MIA) and New York Metropolis’s NYCCoin – each of whom are the primary two cities to launch its personal cryptocurrency that pays out dividends to its residents in bitcoin.
Rumor has it that town of Philadelphia will quickly be becoming a member of as a possible third in CityCoins’ rising portfolio, with Philadelphia Mayor Jim Kenney and chief info officer Mark Wheeler expressing their public help for becoming a member of CityCoins.
Nevertheless, as a result of coming harsh climate circumstances within the state, the miners have willingly chosen to energy down their operations to assist the authorities preserve power through the disaster, given the nationwide winter storm Texas skilled again in 2021.
This gesture has received the mining neighborhood extra accolades and buddies from the broader public.
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