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This is how much Ted Cruz is up on his Bitcoin bet

This is how much Ted Cruz is up on his Bitcoin bet

Breaking from a tradition of appearing only infrequently in the news over his stock market activities, Senator Rafael Edward Cruz – better known as Ted Cruz – recently made a stir with a major sale of Goldman Sachs (NYSE: GS) shares.

The event – notable as Cruz’s wife is a managing director at the financial giant – also drew attention to some of Sentor’s other trades, not the least of which being his 2022 Bitcoin (BTC) bet.

Indeed, the Senator is substantially in the green as back on January 25, 2022 – the day Cruz bought up to $50,000 worth of BTC through the River exchange – the cryptocurrency was worth approximately $39,000.

Since the time of the trade, Bitcoin rose about 65.37% to the press time price of $64,483, meaning that Senator Cruz made – on the higher end of the estimate – $39,080 in just over two years of holding the coin.

Politicians increasingly keen on Bitcoin

Senator Cruz is far from the only U.S. politician who is either bullish or directly invested in Bitcoin. 

Perhaps the most high-profile among them is Robert Kennedy Jr, an independent presidential candidate in the November 2024 elections and the nephew of former President Kennedy.

He has so far, for example, vowed to end the ‘White House war on Bitcoin’ and accused Congress of being paid to suppress the cryptocurrency.

Still, Kennedy is not the only one – despite being among the most vocal – and Congressman Barry Moore seemingly decided to take advantage of the expected effects of the Bitcoin halving, having invested $15,000 in the coin in March.

BTC price chart

Though Cruz’s long-term Bitcoin trade has certainly proven profitable, more recent purchases made by other politicians and investors have yet to prove as such. Indeed, though BTC’s long-term performance – which saw it rise 118.03% in the last 52 weeks and 52.85% year-to-date (YTD) – has been strong, the world’s premier cryptocurrency has been struggling of late.

BTC quote and YTD price chart. Source: Finbold

In the last 30 days, Bitcoin experienced substantial volatility and declined 7.93% while its weekly performance is similar, though with a 0.56% drop. 

Bitcoin price today, at press time, stands at $64,483 after a 1.03% rise on the daily chart.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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