U.S. Senator Ted Cruz said he is “incredibly bullish on bitcoin” and buys the cryptocurrency every week for his portfolio. Senator Ted Cruz stated that cryptocurrency “will transform the world” and said that “uncontrolled, decentralized currency will be terrifying for those who want to control currency.
Senator Ted Cruz is ‘Incredibly Bullish” on Bitcoin and Crypto
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, 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 anywhere on the planet instantly and almost for free.
He said, “And then there’s the benefit of freedom. There is no one in charge. This is what terrifies government decision makers.” Cruz said 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 can have a tremendous potential to help us on the energy front.
He gave the example natural gas flaring as an example, 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 mining rigs of bitcoin 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 invested my own money into bitcoin,” Cruz said.
Because I believe in dollar cost averaging, I have a weekly bitcoin buy.
“I am not smart enough to trade the market. He shared that he would invest the same amount each month and every week. “I believe in Bitcoin and so wanted to keep a part of my portfolio in it. Not a huge portion but a portion.” In February, Senator stated that he had bought bitcoins worth $50K.
He commented on the other cryptos and said that he didn’t understand them as well, so his risk tolerance was… I’m a bit more cautious about going there myself.”