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Recent buying of flagship cryptocurrency by a government official could be seen as a positive effect on crypto market all over, amidst the chaos due to various reasons
An American Senator, Ted Cruz, made news when he bought Bitcoin worth somewhere between $15,000 to $50,000, while the market was showing dip. The information about the purchase was disclosed in US Senate New Financial Disclosure on 4 February.
Further information mentioned in the disclosure showed that buying was done on 25 January using a financial institution that provides bitcoin buying services, River. That means when the buying was done at the time of Bitcoin was trading at its recent lowest dip under $37,000.
Rafael Edward Cruz aka Ted Cruz is an American Politician belonging to the Republican Party. He formerly served as Texas Solicitor General and at present serving as junior US Senator at Texas, since 2013.
Seems like Ted put his money where his words go. He has been vocal about crypto support in recent months. His support and efforts towards the crypto includes a resolution introduced at Capitol Hill for merchants to accept cryptocurrency payments. The contemporary resolution would be helpful in putting legal clarification which would address concerns related to crypto around industries.
ALSO READ – RUSSIANS HOLD OVER $200 BILLION IN CRYPTO ASSETS, LOCAL GOVERNMENT ESTIMATES
Apart from that, when some crypto traders and brokers were having concerns that the definition of broker was too broad and could give a chance to surround the related institution on the basis of unclear description about the definition. The US Senator introduced another amendment with the proposal to remove the language in the bill which was aimed at making strict reporting requirements for crypto and digital assets brokers.
However, none of those amendments were given green signal and were not included in the infrastructure bill at the time of drafting and signing. Although other than Cruz, other Senators were also working and demanding for some corrections, Ted was firm on complete removal of such provisions.
Ted Cruz has also advocated for cryptocurrency acceptance as payments at gift shops and various vending machines in the complex of the US Capitol too. His governing state Texas has also seen a rise in crypto mining activities. The state took advantage of the mining activities crackdown in China and became a mining hub.
As disclosure came out on 4 February about buying of Bitcoin by Ted Cruz, both the global crypto market and Bitcoin have shown gains of more than 10% just in a day. Currently flagship cryptocurrency is trading at over $41.5K at the time of writing.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
