Senator Ted Cruz, in his speech at the Conservative Political Action Conference (CPAC) on Friday, once again made the case for Bitcoin (BTC) while praising its decentralization. Cruz said he is optimistic about Bitcoin because it is highly decentralized and cannot be controlled by any government or organization. He went on to give the example of a persistent problem in Canada, where the government implemented emergency laws in retaliation for Freedom Convoy truckers’ protest against the COVID19 order.
The Government of Canada has ordered financial institutions and banks to freeze the accounts of protesters, followed by an order for cryptocurrency exchanges and crypto wallet service providers to do the same. So, non-custodial wallet service provider Nunchuck received a similar order and their response to the government went viral, eventually finding their way to CPAC through Cruz.
Cruz read a response from a bitcoin wallet service provider who asked the Canadian government to inquire about self-custodial wallets and private keys. The response also announced that Nunchuck does not have access to any users’ financial information other than their email addresses, which is by design. The senator called Nunchuck’s response “spectacular” and went on to cite the example of China’s crypto ban to suggest that governments cannot control Bitcoin.
Senator Cruz has joined the growing list of US politicians who are rallying in favour of Bitcoin, advocating the use of natural gas emissions for Bitcoin mining in Texas, and recently buy Bitcoins. However, his stance on the left being anti-Bitcoin, take for example Canadian Prime Minister Justin Trudeau, is not well received by Crypto Twitter.
One user wrote, “Bitcoin is apolitical” and politicizing it as “left versus right” is a bad move. Another user noted that Cruz, as a politician, uses his knowledge of Bitcoin to his advantage and suggested that opponents become more pro-Bitcoin against him. The response also announced that Nunchuck does not have access to any users’ financial information other than their email addresses, which is by design.
It is important to note that while there are policymakers working at the judicial level to implement changes to the laws that apply to Bitcoin, such as Miami Mayor Francis Suarez, Sen. Cynthia Lummis and a few others, most of them seem to be focused on using it as a tool for their political campaigns.