What’s Jimmy Song’s Net Worth After Bitcoin’s Huge Gain?

Senator Ted Cruz from Texas was among the legislators who attended the 2021 Texas Blockchain Summit. Jimmy Song and Cruz had a long conversation. At the beginning of the talk, Song asked the lawmaker when billionaire Peter Thiel told him about Bitcoin and how much he regrets not investing in Bitcoin early.

Cruz confirmed that he and Theil have been friends for 25 years. However, the senator said Thiel never told him about Bitcoin, joking that he was angry at Thiel about it. Bitcoin has made its early investors rich. For example, an investment of just $10 in Bitcoin’s early years would be worth more than $7 million now. Thiel was part of the team that founded PayPal and he was an early investor in Facebook.

Song’s chat with Cruz also touched on crypto regulation. In the senator’s view, Congress knows little about cryptocurrencies. He said that he attempted to make amendments to the $1.2 trillion Infrastructure bill to reduce the damage it could bring to the crypto world. But those efforts failed. Cruz and Song seem to believe that there is a need to educate people more about cryptocurrencies.

Texas is winning more Bitcoin miners as China intensifies the crackdown on the industry. The major reasons for that are the state’s crypto-friendly regulations and abundant cheap energy. In addition to making more people knowledgeable about cryptocurrencies, Cruz thinks that natural gas wasted through flaring can be used to generate electricity to power Bitcoin mining.

Bitcoin operations consume huge amounts of electricity, which is why critics argue that it harms the environment. In fact, Bitcoin’s environmental impact was what led Elon Musk’s Tesla to stop accepting it as a payment for car purchases.