U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.”
Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto
Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation’s Bitcoin and the American Experiment event Monday. He began:
I gotta say when it comes to bitcoin, when it comes to crypto more generally, I am incredibly bullish.
“I think it is in the process of, and in the future even more so, will change the world,” he opined.
He proceeded to talk about various reasons why people are attracted to bitcoin. Firstly, many are using it as a hedge against inflation. Secondly, he explained that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.”
He continued: “And then there is the advantage of freedom. There is nobody in charge. That terrifies government decision-makers.” Referencing that communist China and U.S. Senator Elizabeth Warren want to control currencies, Cruz commented:
Uncontrolled, decentralized currency is terrifying for those who want control of currency.
The Texan senator proceeded to explain why bitcoin mining is good for the environment.
“I actually think bitcoin has an incredible potential to benefit us on the energy front,” he stressed.
He gave the example of natural gas flaring, the process of lighting natural gas on fire during oil production, praising bitcoin’s ability to turn the energy waste into value. He also explained, “One way to think of bitcoin is as a battery,” adding that when there’s a need, “Bitcoin mining rigs can be turned off at a fraction of a second” and “suddenly the energy that was going to bitcoin mining can be instantly available” for people.
Senator Cruz Buys Bitcoin Weekly: ‘I Believe in Dollar Cost Averaging’
Regarding his own cryptocurrency investments, Cruz confirmed: “I’m an investor in bitcoin. I have invested my own money in bitcoin.” The senator added:
I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging.
“I’m not smart enough to play the market. If I invest the same amount every month, every week, that oughta work out,” he shared. “I believe in bitcoin and so wanted to have a portion of our portfolio in it, not a massive portion, but a portion of it.” In February, the senator declared that he had purchased bitcoin worth up to $50K.
Commenting on other cryptocurrencies, he said: “Other forms of crypto, I’ll confess I understand less well so my risk tolerance is… I’m a little more hesitant to go there myself.”
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