Texas Senator Ted Cruz Is a Fan of Bitcoin and Crypto Mining
Texas Senator Ted Cruz says he’s a fan of Bitcoin and highlighted why his state is an ideal match for crypto mining.
The U.S. Senator made his feedback on the Texas Blockchain Summit 2022 late final month, arguing that crypto may very well be a strategic business for the USA to develop. Cruz claimed that Bitcoin supplied benefits to the nation’s power provide and represented an “enormous reservoir” of extra power.
As reported by Cointelegraph, the Senator mentioned,
The fantastic thing about it [Bitcoin mining] is if you’ve bought substantial funding, as we do in Texas and Bitcoin mining, when you may have an excessive climate occasion, both excessive warmth, which is frequent within the state of Texas or excessive chilly, which generally occurs right here, Bitcoin mining could be shut off in a fraction of a second. Making that electrical energy instantly out there to the grid to warmth or cool folks’s houses, to maintain companies working. That is a gigantic reservoir of extra capability.
Cruz referred to as crypto mining provide extra “very beneficial,” and famous that Texas’s ample and low-cost power makes it a lovely location for the crypto business. The Texas Senator continued, saying that he was a fan of Bitcoin as a result of “the government can’t control it.”
Senator Cruz claimed that Bitcoin was the one cryptoasset he owns and revealed that he makes weekly investments into BTC.
He mentioned,
I feel Bitcoin means funding. It means alternative. It means prosperity. It means monetary independence.
The Senator additionally claimed that the rise of Bitcoin mining in Texas had “enormous positive benefit” for the resiliency of the state’s electrical energy grid.
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