Senator Ted Cruz bought up to $50,000 in bitcoin, according to a new financial disclosure

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Ted Cruz
Sen. Ted Cruz, R-Texas.Evelyn Hockstein/Pool via AP
  • Sen. Ted Cruz made bought bitcoin last month, a new financial disclosure shows.

  • He bought between $15,001 to $50,000 worth of the cryptocurrency on January 25.

  • The Texas Republican has become an increasingly vocal backer of bitcoin in recent months.

Senator Ted Cruz bought up to $50,000 worth of bitcoin last month, according to a new financial disclosure filed with the US Senate.

The disclosure, first reported by Cointelegraph, shows that Cruz bought between $15,001 to $50,000 of the cryptocurrency on January 25 and used financial brokerage River to make the payment.

United State Financial Disclosures Ted Cruz
The disclosure filed by Sen. Cruz.United State Financial Disclosures

According to Coin Desk, bitcoin was trading at $36,000 to $37,000 at the time of Cruz' purchase, far below a record high of close of $69,000 reached in November.

Earlier in January, analysts at UBS warned that bitcoin's slump suggested a "crypto winter" of collapsing prices could be coming.

The digital coin is currently priced at $41,600.

The Texas Republican has positioned himself as a vocal supporter of bitcoin in recent months.

Last August, he and Tesla CEO Elon Musk spoke out against a crypto tax in the Senate's infrastructure bill which sought to raise $28 billion in new revenue over a decade.

The money would be used to fund President Joe Biden's infrastructure package, the White House had previously said.

Last August, Cruz tweeted: "The infrastructure deal contains DANGEROUS provisions that would devastate crypto and blockchain innovation."

In November, he proposed crypto as payment for merchants doing business on Capitol Hill.

In a resolution dated November 1, he called on administrative managers to work on crypto-friendly payment contracts.

Read the original article on Business Insider