Cruz has joined a growing number of lawmakers in the United States who have advocated for Bitcoin acceptance.
Senator Ted Cruz, a Republican, reaffirmed his support for Bitcoin (BTC) on Friday at his Conservative Political Action Conference (CPAC) speech, praising its decentralisation.
Cruz believes Bitcoin has a bright future since it is highly decentralised and cannot be controlled by any government or entity, according to him. He went on to mention an ongoing issue in Canada, in which the government enacted emergency regulations in response to the Freedom Convoy truckers’ protest against COVID-19 mandates.
The Canadian government ordered financial institutions and banks to freeze the accounts of demonstrators, as well as crypto exchanges and wallet service providers. Nunchuck, a non-custodial wallet service provider, received a similar order from the government, and their answer to the government went viral, finally reaching CPAC via Cruz.
One of the reasons I’m bullish on #Bitcoin is because it’s decentralized.
— Ted Cruz (@tedcruz) February 25, 2022
Cruz reviewed the Bitcoin wallet service provider’s answer, which requested that the Canadian government investigate self-custody wallets and private keys. The statement also stated that, by design, they do not have access to any of their users’ financial information other than their email address.
Nunchuck’s reaction was dubbed “amazing” by the Republican senator, who went on to say that governments can’t regulate Bitcoin, citing the Chinese crypto ban as an example.
Senator Ted Cruz, who has campaigned for the use of waste natural gas for Bitcoin mining in Texas and recently purchased the Bitcoin plunge, has joined a growing list of American politicians who are rallying behind Bitcoin. However, his claim that the left is anti-Bitcoin, citing Justin Trudeau as an example, did not go over well with crypto Twitter. Bitcoin is apolitical, according to one user, and politicising it as “Left against Right” is a mistake.
Politicizing it as left vs right is the wrong angle Senator. Bitcoin is apolitical.
— Ben Fairclough (@BFairclough23) February 25, 2022
Another user pointed out that Cruz, as a politician, is taking use of his Bitcoin understanding, and proposed that his opponents become more pro-Bitcoin to fight him.
He’s a politician using his understanding of #bitcoin to his advantage.
The only winning move for his political opponents are to be more pro-bitcoin.
— Seha Islam⚡ (@sehaislam) February 25, 2022
While some lawmakers, such as Miami Mayor Francis Suarez, Wyoming Senator Cynthia Lumis, and a few others, are working at the court level to amend the legislation to allow for Bitcoin acceptance, the rest of them appear to be focused on exploiting it as a tool for their political campaigns.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.