Senator Ted Cruz (R, Texas) spoke about bitcoin Monday at Heritage Foundation’s Bitcoin & the American Experiment event. He began:
I have to say that I am extremely bullish when it is bitcoin and crypto in general.
He stated, “I believe it is in the processing of, and in future even more, will change the globe,”
He then spoke about the many reasons people are attracted by bitcoin. Many people use it to hedge against inflation. He explained that there is also an appeal to speed. It allows you to execute a financial transaction virtually anywhere in the world instantly and almost for free.
He said, “And then there’s the advantage of freedom. There is no one in charge. This is a frightening reality for government decision-makers. Referring to communist China’s and the U.S. Cruz stated that Senator Elizabeth Warren wants to control currencies.
For those who desire control over currency, uncontrolled and decentralized currency can be terrifying.
The senator from Texas explained why bitcoin mining is beneficial for the environment.
He stated that he believes bitcoin has the potential to be a huge energy-saving tool.
He gave an example of natural gas flaring which is the act of setting natural gas on fire in order to produce oil. He also praised bitcoin’s ability turn energy waste into valuable resources. He explained that bitcoin can be thought of as a battery and that when there is a need for it, the rigs of Bitcoin mining can be shut down in a fraction of seconds. This means that people can instantly access the bitcoin mining energy.
Senator Cruz Purchases Bitcoin Weekly
Cruz stated that he is an investor in Bitcoin and made his own cryptocurrency investments. I have also invested my own money into bitcoin. Senator added:
Because I believe in dollar cost averaging, I have a weekly bitcoin buy.
“I’m not smart enough for the market.” He shared that if he invested the same amount each month and every week, it would work out. “I believe in bitcoin, so I wanted to have a part of my portfolio in it. Not a huge portion, but a small portion. The senator stated in February that he had bought bitcoins worth $50K.
He commented on the other cryptos and said that he didn’t understand them as well as others, so his tolerance for risk is… He said that he was a bit more cautious about going there himself.