Senator Ted Cruz has revealed his positive views on Bitcoin and his personal ownership of the cryptocurrency. Cruz praises the decentralized nature of Bitcoin and the potential for it to serve as a hedge against inflation. As an investment, Bitcoin represents a growing trend in the financial sector, and Cruz’s support signals a shift towards a more receptive stance from traditional politicians. With increasing adoption and acceptance, Bitcoin is set to become even more mainstream in the future.
Ted Cruz: Bitcoin as a Lifeboat
Ted Cruz, the American politician serving as the junior United States Senator for Texas, sees bitcoin as a lifeboat in the inflationary environment caused by irrational decisions from Washington. In a recent speech at The Bitcoin Policy Summit, Cruz explained why he is a keen supporter of the asset and revealed he holds slightly more than 2 BTC. He also has a standing order to buy more of the primary cryptocurrency every Monday morning, regardless of its price.
BTC: A Hedge Against Inflation and So Much More
Cruz believes bitcoin’s main merit is its ability to serve as a hedge against the worrying inflation that has spread across the US and other countries. He backed the thesis that BTC’s hard cap of 21 million coins ever to exist could give the asset anti-inflationary characteristics. The fixed supply contracts with the limitless printing of fiat currency that central banks could and have executed, especially during the COVID-19 pandemic. Cruz criticized the American authorities for allowing this policy, which has lifted inflation to unseen levels in years.
Another reason why the Republican supports BTC is that it can’t be controlled by governments, saying this is why China prohibited all operations involving cryptocurrencies. Cruz is a bitcoin investor, having a little more than 2 BTC. He also has a standing purchase order every Monday to increase his exposure, regardless of the momentum valuation.
CBDC Should not Pop up in the US
Besides highlighting his support for bitcoin, Cruz argued that the potential launch of a digital dollar could harm the local monetary system. He is very concerned about the risk of a CBDC, saying that it is exceptionally dangerous. China is moving forward with the intention of using a CBDC to destroy all the value of bitcoin, to destroy anonymity and decentralization. The Senator introduced a bill last year that aims to restrain the Federal Reserve from issuing such a financial product.
Conclusion
Ted Cruz sees bitcoin as a valuable asset against inflation and a hedge against the limitless printing of fiat currency that central banks are executing. He also believes that the potential launch of a digital dollar could harm the monetary system, and therefore he is introducing a bill aimed at restraining the Federal Reserve from issuing such a financial product. As an investor in BTC, Cruz continues to acquire more, regardless of its price.