Ted Cruz highlights Bitcoin as a driver of innovation and defends mining in Texas
- Bitcoin empowers small businesses and promotes technological innovation.
- Texas stands out as a mining hub due to its cheap energy.
- Ted Cruz defends the crypto market against excessive regulations.
US Senator Ted Cruz reinforced his view on the potential of Bitcoin and its importance to the cryptocurrency market in a recent interview. Cruz pointed to the state of Texas as a true “oasis” for Bitcoin mining, citing yours abundance of low-cost energy and a business-friendly environment as determining factors.
JUST IN: 🇺🇸 Senator Ted Cruz says “I'm proud to stand with # Bitcoin and I am the only member of the United States senate who is in fact, a Bitcoin miner. I've got three miners hashing in west Texas right now and it is beautiful.”
The Overton window has been obliterated. 🔥 pic.twitter.com/zPYeZJytb2
— Simply Bitcoin (@SimplyBitcoinTV) December 22, 2024
The senator noted that Bitcoin can empower small businesses, promote technological innovation, and serve as a tool to combat inflation. He also expressed concern about the possibility of hasty government regulation, suggesting that the U.S. Congress needs to better understand the cryptocurrency space before taking regulatory action. “Few members of Congress understand cryptocurrency, and I encourage my colleagues to proceed with caution when it comes to any regulation involving this sector,” Cruz said.
According to Cruz, the state of Texas has unique characteristics that make it ideal for Bitcoin mining activities. He explained that the state’s low tax profile and entrepreneurial mindset attract miners and industry enthusiasts. “Cryptocurrency mining requires affordable and reliable energy, and Texas is known for its abundant and low-cost energy. I am thrilled to see so many jobs being created in our state,” commented the senator.
He also revealed that he is the only US senator who practices Bitcoin mining, with three rigs operating in West Texas. In addition, Cruz mentioned that he makes weekly Bitcoin purchases, taking advantage of the dollar-cost averaging strategy, and highlighted that his investment in the cryptocurrency has already tripled in value over the years.
Cruz also criticized the distrust of some lawmakers towards cryptocurrencies, especially among Democrats, highlighting that Bitcoin promotes privacy, autonomy and financial freedom. “Many Democrats in Congress view Bitcoin with skepticism because it offers independence from government control,” he said.
At the time of publication, the price of Bitcoin was quoted at US$93.821,22, up 1.8% in the last 24 hours.
The senator reaffirmed his commitment to protecting the cryptocurrency market from potential regulatory overreach. “I am proud to lead the fight to defend cryptocurrencies from excessive government regulation. I have introduced legislation to prevent the development of a central bank digital currency and to clarify that the Federal Reserve does not have the authority to do so unilaterally,” he concluded.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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