U.S. Senator Ted Cruz says he’s “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator mentioned, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.”
Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto
Senator Ted Cruz (R-TX) mentioned bitcoin on the Heritage Foundation’s Bitcoin and the American Experiment occasion Monday. He started:
I gotta say in terms of bitcoin, in terms of crypto extra typically, I’m extremely bullish.
“I think it is in the process of, and in the future even more so, will change the world,” he opined.
He proceeded to speak about varied explanation why persons are interested in bitcoin. Firstly, many are utilizing it as a hedge in opposition to inflation. Secondly, he defined that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.”
He continued: “And then there is the advantage of freedom. There is nobody in charge. That terrifies government decision-makers.” Referencing that communist China and U.S. Senator Elizabeth Warren wish to management currencies, Cruz commented:
Uncontrolled, decentralized foreign money is terrifying for individuals who need management of foreign money.
The Texan senator proceeded to clarify why bitcoin mining is sweet for the atmosphere.
“I actually think bitcoin has an incredible potential to benefit us on the energy front,” he burdened.
He gave the instance of pure fuel flaring, the method of lighting pure fuel on fireplace throughout oil manufacturing, praising bitcoin’s capacity to show the vitality waste into worth. He additionally defined, “One way to think of bitcoin is as a battery,” including that when there’s a necessity, “Bitcoin mining rigs can be turned off at a fraction of a second” and “suddenly the energy that was going to bitcoin mining can be instantly available” for folks.
Senator Cruz Buys Bitcoin Weekly: ‘I Believe in Dollar Cost Averaging’
Regarding his personal cryptocurrency investments, Cruz confirmed: “I’m an investor in bitcoin. I have invested my own money in bitcoin.” The senator added:
I’ve a weekly purchase that’s an automated purchase each week of bitcoin as a result of I imagine in dollar-cost averaging.
“I’m not smart enough to play the market. If I invest the same amount every month, every week, that oughta work out,” he shared. “I believe in bitcoin and so wanted to have a portion of our portfolio in it, not a massive portion, but a portion of it.” In February, the senator declared that he had bought bitcoin value as much as $50K.
Commenting on different cryptocurrencies, he mentioned: “Other forms of crypto, I’ll confess I understand less well so my risk tolerance is… I’m a little more hesitant to go there myself.”
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