In an exclusive interview with Cointelegraph, US Senator Ted Cruz shared his vision for Bitcoin, the broader crypto industry, and the future of his home state of Texas.
As a self-proclaimed Bitcoin (BTC) miner, Cruz emphasized the potential of BTC to empower small businesses, drive innovation and serve as a hedge against inflation.
Despite his optimism for the future of BTC and crypto mining, Cruz warned against hasty government regulations, stressing the need for Congress to better understand before overreaching with regulatory actions.
“Very few Members of Congress understand cryptocurrency, so I am urging my colleagues to proceed slowly and carefully with any regulations governing cryptocurrency,” he said.
Bitcoin’s impact on small businesses
Cruz said he is “bullish on Bitcoin,” praising its capacity to provide privacy, autonomy and independence from government control.
“Most congressional Democrats are deeply skeptical of Bitcoin,” he said. “They don’t like that it creates individual freedom, privacy, autonomy and independence from the government.”
With the incoming administration of US President-elect Donald Trump, Cruz predicted that “Republicans will unleash small businesses and cryptocurrency like never before.”
“I’m proud to lead the fight to defend cryptocurrency from overreaching government regulation. I introduced legislation to prohibit the development of a central bank digital currency and to clarify that the Federal Reserve has no authority to do so unilaterally.”
Source: Simply Bitcoin
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Texas as an oasis for Bitcoin
Cruz described Texas as “an oasis for Bitcoin” due to its abundant, low-cost energy and business-friendly environment. He said the state’s “frontier mentality” and low taxes have made it a magnet for Bitcoin mining firms and crypto enthusiasts.
“Cryptocurrency mining requires dependable, low-cost energy, and if Texas is known for anything, it is abundant low-cost energy,” Cruz said. “I am thrilled to see so many jobs coming to Texas, and we need to make sure that trend continues and accelerates, he added”
Recent developments, such as Hive Digital relocating its headquarters to Texas and Marathon Digital acquiring a wind farm in the state, underscore Cruz’s sentiment.
Cruz told Cointelegraph that, to his knowledge, he is the only member of the Senate who is a BTC miner and has “three miners hashing in West Texas right now.”
“I have a weekly buy order to take advantage of dollar-cost averaging,” he said. “I’ve been investing for several years, over which time Bitcoin’s value has roughly tripled.”
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