US Senator Ted Cruz Stays Bullish On Bitcoin• April 29, 2023 4:31 pm • Comments
US Senator Ted Cruz just mentioned that he is still incredibly bullish on Bitcoin and even stated that he himself had “bought the dip” when the price retraced earlier this week.
These comments come during a time when the price of Bitcoin had surpassed $30k temporarily which signaled that a new bull season might start soon.
This is not the first time that Cruz has been involved in the crypto industry as he had previously pushed for an initiative that would require vending machines in Capitol Hill to accept crypto as payment.
It is unclear if that proposal ever got approved or not, but it is clear that Cruz and the state of Texas is very much pro-crypto unlike some other Senators.
— Michael Saylor⚡️ (@saylor) April 27, 2023
Alternatively, Cruz has stood against the implementation of a Fed-developed digital currency. Introducing legislation in March that would prohibit the implementation of a CBDC, stating the potential uses of such a currency by the government.
Ultimately, warning of the currency’s potential as a financial surveillance tool by the government.
Conversely, Bitcoin has been a clear winner over the last 24 hours. Not only through its briefly surpassing a price of $30,000 but also through its recent surge in active addresses.
Specifically, CryptoQuant reported that Bitcoin active addresses had recently surpassed the levels last seen in November 2021. Subsequently, this suggests an increased demand for cryptocurrency.
Although Cruz supports Bitcoin and crypto in general, he is against the creation of a central bank digital currency as he believes it would affect financial freedom.
In fact, he even says that CBDCs will ultimately destroy the value of Bitcoin and decentralization in general.
He mentions that CBDCs would be subject to constant surveillance which is something that would not be possible with decentralized currencies or cash.
Additionally, Cruz continues to share some reasons for why he likes the asset such as the fact that it has a limited supply of 21 million coins.
On the other hand, he criticizes Washington for spending money that is not theirs and not doing anything against inflation.
— Bitcoin News 🌴 Rooftop Meetup May 19th (@BitcoinNewsCom) April 29, 2023
Last month, Cruz introduced legislation in March to prohibit the Fed or the federal government from creating a CBDC, stating at the time that the U.S. government had “no authority to unilaterally establish a central bank currency.”
“I don’t want the government having control over your finances,” said Cruz during yesterday’s event, adding that one element of President Biden’s legislative initiative was a requirement that banks report every single transaction in excess of $600 to the federal government.
“That means your rent payment every month. If you own a home, that means your mortgage payment every month. If you own a car, most car payments now are north of $600. It is literally the government having visibility on virtually every transaction you’re making. That’s their stated goal,” said Cruz.
— Senator Ted Cruz (@SenTedCruz) April 28, 2023
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.