Ted Cruz buys the Bitcoin Dip worth up to $50,000

Bengaluru, February 5, 2022: Senator Rafael ‘Ted’ Cruz of Texas, a junior Republican, is spending his money where his mouth is. Cruz purchased between $15k as well as $50k worth of Bitcoin (BTC) on January 25th, as shown in a financial report filed on Friday, February 4th.

Bitcoin was selling between $36k as well as $37k at the time, and it has since increased to its current price of roughly $41,600. His current profit on the purchase is in the range of $2,000 - $6,850, presuming he has not yet traded his bitcoins as well as paid any short-term taxes on capital gains.

Cruz devoted most of the latter half of the cryptocurrency bull run connecting himself with both the blockchain as well as cryptocurrency business, following the lead of fellow Senator Cynthia Lummis of Wyoming, as his state profited from such an influx of Bitcoin mining companies as well as interest in the issue grew.

He has lobbied for the approval of cryptocurrency payments in general stores and vending machines throughout the United States Capitol complex, as well as he has spoken out against a provision in the recent infrastructure bill which opponents claim would broaden the description of a ‘broker’ to include miners, validators, as well as coders.

Some crypto miners paused or stopped activities during the current cold weather in Texas to assist maintain the state’s electricity grid infrastructure, that failed during a severe frost in 2021. Cruz was famously absent for a portion of that time, since he was vacationing in Cancn, Mexico.

In support of mining companies, the Texas Blockchain Council stated, “We are undertaking preventive steps to shut down operations, shed load, as well as develop additional capacity in reaction to ERCOT’s requirements should that be necessary.” With sections of Texas anticipated to be struck by Winter Storm Landon this week, prominent crypto mining companies are shutting down in preparation for increasing requirements on the state’s electric grid.

River Financial is licensed in a majority of states in the United States, however their site does not list a Texas Money Transmitter licence. “No currency exchange permit is required in Texas to undertake any form of transaction exchanging digital with sovereign currencies,” as per the Texas Department of Banking advice on Virtual Currencies.

A few congress members have revealed ownership in cryptocurrencies or related equities, namely Democrats Jake Auchinloss of Massachusetts as well as Marie Newman of Illinois, as well as Republicans Jeff Van Drew of New Jersey as well as Barry Moore of Alabama.

Who is Ted Cruz?

Rafael Edward Cruz (born on December 22, 1970) is an American politician who has served as the junior United States senator for the state of Texas since 2013. Cruz was the Republican candidate for Solicitor General of Texas from 2003 until 2008.

Cruz went into politics after finishing graduation from Princeton University as well as Harvard Law School. Prior serving as Solicitor General of Texas between 2003 and 2008, he served as a policy advisor in the George W. Bush administration. Cruz got elected to the United States Senate in 2012, making him the first Hispanic American to represent as a senator from Texas.

Cruz has regularly maintained conservative positions on political and social matters in the Senate, and he was a key figure in the 2013 US federal government shutdown, which was aimed at forcing Congress as well as President Barack Obama to defund the Affordable Care Act.

Cruz campaigned for president of the United States in 2016, finishing second in the Republican primary to Donald Trump. The Republican presidential nomination race among Trump and Cruz was bitterly contested and marked by a series of public personal insults. Cruz initially refused to endorse Trump’s campaign after he secured the nomination, but he became a vocal backer of Trump throughout his presidency.

Cruz faced considerable political and popular outrage after the January 2021 Capitol attack for opposing to the certification of Joe Biden’s win in the 2020 presidential elections and lending weight to the erroneous idea that Trump’s election was lost.

Is it Wise to Purchase Bitcoin during Market Dip?

I don’t recommend avoiding buying the dip, but caution is required. My advice is to make investments you could afford to give up as well as avoid the pitfalls of averaging or buying the downturn, that is nothing more than fruitless market timing.

Keep your Cryptocurrency or Bitcoin investments to less than 5% of your total net worth. If your crypto holdings are below the 5% cap, then you could buy on dips if there is enough surplus. Remember that this 5% guideline isn’t etched in stone; it’s intended to protect your hard-earned cash from such a highly unstable asset class. Based on your risk level, you can almost always raise your amount.

You must avoid FOMO (fear of missing out). Don’t imagine for a second that crypto won’t continue to increase, and you should get involved right away. It would help if you can overcome your fear of losing out too and stick to your investment strategy. Do your research as well as stick to your level of risk before investing in any cryptocurrency as well as bitcoin.