US Senator Rafael Edward “Ted” Cruz has said he supports Bitcoin as a completely decentralized and uncontrollable digital asset.
During his participation in the Conservative Political Action Conference (CPAC) 2022, held in Florida (United States), US Senator Ted Cruz showed his support for the cryptocurrency most capitalized in the world: BitcoinTed Cruz said he was completely optimistic about Bitcoin because it is a decentralized asset that no one can control. The senator said that the accumulation of centralized power is “fundamentally dangerous” to individual freedom, which is why he fully supports the development of this cryptocurrency.
Anthony Pompliano, crypto investor, creator of Pomp Podcast and co-founder of Morgan Creek Digital Assets, highlighted Ted Cruz's statements on his Twitter account, noting that soon all American politicians will become pro-bitcoin.
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Bitcoin: decentralization and freedom
Ted Cruz, known as a Bitcoin and blockchain advocate, called on Americans to be unruly and uncontrollable in order to free themselves from the control that governments want to exert over their citizens.
In his speech, he said that big governments and politicians, such as the Chinese government and Senator Elizabeth Warren, want to exert more control over people. “Your assets, your savings, your speech, your life, your children, every decision they want to control, and that is why we need to break the means of control of the citizens”, he said. He then highlighted the decentralization of Bitcoin as an element to fight against the power that governments want to exert and achieve freedom.
Last week, Ted Cruz shared a tweet from Pompliano pointing out a self-custody wallet's response to the Ontario Supreme Court's request to "freeze" users' cryptocurrency funds. The wallet's developers clarified that it is a self-custody digital wallet, which does not store data or the cryptocurrency itself. private keys of users. Therefore, it could not freeze the funds as requested.
Earlier this month, Ted Cruz revealed that he had invested between $15.000 and $50.000 in Bitcoin as he took advantage of the crypto market correction. In December, the Republican senator spoke out in favor of bitcoin mining in Texas, indicating that miners operating on this network blockchain can help the state they represent strengthen its energy infrastructure.
Bitcoin Mining in Texas
Bitcoin miners can make use of the energy and natural gas wasted in the state of Texas to sustain their operations on the network. Moreover, due to the ability of miners to turn their equipment on or off instantly, in the event of an energy crisis or emergency, the state will have no problem returning that energy to the grid, the senator stated. “(They are) reserves that can strengthen the resilience of the network by providing significant additional energy capacity to be available for critical services when needed.”.
Earlier this month, Bitcoin mining companies operating in the state, such as Riot Blockchain and MiningStore, took voluntary and instant action to help the Texas power grid support the high energy demand of its citizens amid Winter Storm Landon. Riot Blockchain, one of the largest Bitcoin miners in the state, took about 99% of its mining equipment offline to alleviate energy consumption while the weather event passed. As Ted Cruz pointed out, Bitcoin mining appears to be a flexible and unconventional solution for Texas’ energy infrastructure in times of crisis.
Other US senators, including Cynthia Lummis, Pat Toomey, Marie Newman, Barry Moore and Mike Waltz, also have cryptocurrency investments.
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