U.S. Senator Ted Cruz, a known advocate for cryptocurrency, has significantly increased his investment in Bitcoin (BTC).
In a recent official financial disclosure as a U.S. Senator on August 13, Cruz revealed that he has expanded his Bitcoin holdings now ‘hodling’ up to $100,000 worth of the digital asset.
Cruz’s involvement in Bitcoin began on January 25, 2022, when he purchased up between $15,001 and $50,000, with BTC valued at approximately $39,000 per coin at the time.
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Ted Cruz and his support for Bitcoin
This move aligns with his vocal support for Bitcoin, which he has highlighted as a potential solution to energy issues in Texas.
During a speech at the Texas Blockchain Council on August 12, Cruz described Bitcoin as a “reservoir of power,” advocating for its use as an energy safety blanket for the state’s grid infrastructure.
The pro-crypto legislator suggested that Bitcoin mining could serve as a real-time resource to enhance the resiliency of Texas’s power grid during extreme weather or economic uncertainty.
“What Bitcoin presents is an opportunity in real-time to enhance the resiliency of our grid,” Cruz stated.
Bitcoin mining in the Lone Star State
However, Bitcoin mining in Texas has not been without controversy. The industry has faced criticism over noise pollution and potential health risks for local communities, prompting calls for stricter regulations.
Despite these challenges, the Texas Blockchain Council recently endorsed Cruz for reelection to the U.S. Senate, citing his support for Bitcoin and its potential benefits for the state.
In addition to his investments, the Senator has also ventured into Bitcoin mining.
Cruz announced back in May the purchase of three application-specific integrated circuit (ASIC) Bitcoin miners, initiating operations in Iraan, Texas.
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