Bitcoin and politics are mingling again. Texas’s junior senator, recently made a big crypto move, adding up to $100,000 worth of Bitcoin to his personal portfolio.
According to an August 13 disclosure filed with the US Senate, Texas Senator Ted Cruz invested up to $100,000 in Bitcoin through River Financial in 2023. This purchase, ranging between $50,001 and $100,000, adds to his growing interest in digital assets.
Interestingly, this disclosure came just a day after the Texas Blockchain Council endorsed his 2024 reelection campaign, suggest trending crypto news.
This isn’t Cruz’s first foray into Bitcoin. He reported a 2022 purchase of between $15,001 and $50,000 in Bitcoin, showcasing his consistent belief in the cryptocurrency’s potential. Notably, his 2023 disclosure didn’t mention the three Bitcoin miners he bought in May, likely to be reported in 2025.
As per the latest crypto news, Ted Cruz is not the only member of Congress with financial interests in cryptocurrency. Several lawmakers, including Senator Cynthia Lummis, have disclosed crypto investments, raising concerns about potential conflicts of interest. This has ignited calls for a complete ban on stock trading for Congress members due to their influence over related legislation.
A vocal supporter of cryptocurrency, Cruz has been a U.S. Senator since 2013. He has actively promoted Bitcoin, speaking at industry conferences and discussing its potential benefits for Texas. The Texas Senator is currently seeking reelection against Democratic challenger Colin Allred, Libertarian Ted Brown, and write-in candidate Tracy Andrus.
Crypto and digital assets are increasingly becoming hot topics in US elections. Former President Donald Trump, once a Bitcoin skeptic, has now embraced crypto as a key campaign issue. Interest groups are also heavily investing in pro-crypto candidates, such as the Protect Progress political action committee, which has spent around $1 million supporting Julie Johnson’s bid for Congress in Texas.
With early voting for the 2024 election kicking off in Pennsylvania in September, the race is heating up, and crypto is taking center stage.
