U.S. Senator Ted Cruz says Millions are Using Bitcoin as a Hedge to Fight Inflation

Key Takeaways

  • Ted Cruz says he is “incredibly bullish” on BTC and purchases the cryptocurrency weekly for his portfolio.
  • The Senator believes in the potential of green Bitcoin Mining.

U.S. Senator Ted Cruz says Millions Worldwide are turning to Bitcoin as a hedge to fight inflation. He made the statements at the Heritage Foundation’s panel discussion event titled ’Bitcoin and the American Experiment’ on Monday.

The Texan senator, while reinstating that cryptocurrency “will change the world,” said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.” To emphasise how bitcoin mining is good for the environment, the senator gave the example of natural gas flaring, while prasing BTC’s ability to turn the energy waste into value. Cruz pointed out that Bitcoin mining rigs can be turned off at a fraction of a second, and the energy that was going to bitcoin mining can be instantly available to people.

Talking about his own cryptocurrency investments, Cruz said that he is an investor in bitcoin. He adds, “I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging.” Cruz said he is “incredibly bullish” on BTC and purchases the cryptocurrency weekly for his portfolio. Listing down the reasons why people are attracted to bitcoin, he stated that many are using BTC as a hedge against inflation. 

Cruz further says, “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.” The senator continued: “And then there is the advantage of the freedom. There is nobody in charge. That terrifies government decision-makers.”  The senator states that he is hesitant to purchase other forms of crypto owing to his lack of understanding. During the event, he also talked about his desire to make Texas the oasis on planet Earth for bitcoin and crypto.

Senator Ted Cruz has always been public about his positive stand on Bitcoin. On several occasions, he has defended the cryptocurrency from the actions and statements of his colleagues in the U.S. institution. In February, Cruz announced that he had purchased bitcoin worth approximately $50K.

His comments come at a time when 2 U.S. senators, Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.), have been working on a pro-crypto regulatory framework that they believe will bring order to the ecosystem without curbing innovation. The Conservative Think Tank Heritage Foundation’s panel also saw participation from Michael Saylor, US Senator Ted Cruz, CEO of Custodia Bank Caitlin Long, Cynthia Lummis, and Peter St. Onge.


Saniya Raahath
Saniya Raahath

Newsletter

Crypto News, NFTs and Market Updates

Crypto Products

Can’t find what you’re looking for? Type below and hit enter!

Can’t find what you’re looking for? Type below and hit enter!