El Salvador has been a Bitcoin supporter for several years, and the nation recently gained a US Senator’s approval. Ted Cruz recently announced support for El Salvador’s Bitcoin legal tender, which made it the first nation to accept original crypto as a national currency.
Ted Cruz, a Texas Republican, has frequently been supporting Bitcoin for several months. The senator even disclosed his financial portfolio, showing 15,000 to 50,000 dollars worth of BTC investment, observed during the dip in January, showing how the senator trusted BTC even during its lows.
In January, the crypto was trading around 36,000 to 37,000 dollars, raising a further alarm of crypto winter, considering the price crashes. The episode was in stark contrast to November 2021, when the volatile cryptocurrency reached its peak of 69,000 dollars. Ever since then, the crypto has gone back to 42,000 dollars, showing viable potential for the coming period.
El Salvador adopted Bitcoin as a legal tender back in September 2021, increasing its popularity in the crypto market. Check out this Bitcoin price prediction to learn more about whether Bitcoin will continue to hold its status as “digital gold.”
Cruz worked with Tesla’s CEO to fend off a crypto tax in the senate infrastructure bill. It raised as much as 28 billion dollars to the Biden administration infrastructure package in the past decade. Ted tweeted a bit later, stating that the framework deal contains dangerous provisions that could ruin the blockchain and crypto industry.
Thus, the senator proposed the addition of crypto as a payment method for food vendors and merchants who served Capitol Hill’s Congress. Moreover, the resolution called for admin managers to collaborate on crypto-based contracts.