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Bitcoin price has faced a significant downtrend last month and lost more than 50% since its all-time high price level. Following the plunge, several cryptocurrencies witnessed an impact of the leading coin and lost more than 50% of their value. Such plunges introduced an air of fear in the crypto market. However, many also saw such declines as an opportunity and bought the dip. Simultaneously, Ted Cruz, Texas senator unveiled that he also divulged a BTC possession at the time. When the flagship cryptocurrency was suffering, Ted acquired $50k worth of the coins.
US senator seems bullish on Bitcoin
According to a recent financial disclosure that was filed on Friday, it is noted that lawmaker Ted had bought between $15k and $50k worth of digital currency. The acquisition of bitcoin was made on 25th of the last month using the River brokerage.
Notably, at the time of acquisition of the asset, BTC was trading at the price level of $36k and $37k. Moreover,over the subsequent days, the price of the flagship crypto coin rose to above $41k.
Assuming that the assets have not been sold, it is observed that Ted’s current profit is in the region of $2000 – $6,850.
Ted followed Cynthia Lummis’s example
It seems the idea behind buying the dip was followed by the example of lawmaker Cynthia Lummis of Wyoming. Notably, Ted spent much of the latter half of the digital currency bull run aligning himself with the blockchain technology and the digital ecosystem.
Ted showed interest following his state being benefited from an influx of BTC mining firms and interest in the subject became more widespread.
Furthermore, Ted has also advocated for the acceptance of crypto payments at gift shops and vending machines in the United States capitol complex. The lawmaker also opposed a provision in the recent infrastructure bill that critics said would extend the definition of a broker to miners and potentially even validators and coders.
More lawmakers are diving in the crypto market
Ted’s latest disclosure followed a number of Congressmen’s jumping in the Bitcoin wagon. Such members include democrats Jake Auchinloss of Massachusetts and Marie Newman of Illinois. Republicans Jeff Van Drew of New Jersey and Barry Moore of Alabama. It is notable and incredible to witness that these lawmakers have disclosed holdings in crypto assets or related stocks.
