In a recent event hosted by the Bitcoin Policy Institute, United States Senator Ted Cruz expressed his continued enthusiasm for Bitcoin, referring to it as the “alpha in the crypto sphere.” Cruz has been a vocal advocate for the world’s largest cryptocurrency, claiming that he still believes the “insight that led to its creation is still extraordinary.” He attributes the success and popularity of Bitcoin to its ability to act as a hedge against inflation while being less susceptible to government control.
Cruz also noted that Bitcoin’s introduction came first, making it the “most dominant” of all cryptocurrencies. Despite recent pushbacks from the US government, Cruz remains “incredibly bullish on Bitcoin.”
Cruz’s comments come amidst a crypto industry crackdown by US officials and agencies under the Biden administration’s Operation Chokepoint 2.0. The SEC has charged various crypto entities with illegal activities, such as selling securities to American citizens without the necessary permissions. Responding to the crackdown, Cruz and other Republican senators have criticized the regulatory body’s chairperson, Gary Gensler, for pushing innovation into the hands of a communist country.
As previously mentioned, Cruz believes that Bitcoin’s popularity stems from its ability to serve as a hedge against inflation, particularly in times when politicians in Washington spend “like drunken sailors.” Printing trillions of dollars during the past two years, according to Cruz, has led to significant inflation. As a result, Bitcoin’s decentralization and resistance to government control make it a crucial check against government waste and irresponsible spending.
Regarding China, Cruz noted that he likes Bitcoin for the same reason that the Chinese Communist government does not. The Chinese government has cracked down on cryptocurrency trading and mining, creating uncertainty within the industry. In addition, Cruz suggested that Bitcoin’s popularity could one day pose a threat to the supremacy of the US dollar.
Despite the recent crackdown on the crypto industry, Cruz’s comments suggest he remains confident in the future of Bitcoin. As a hedge against inflation and a check against government spending, Bitcoin continues to attract investors and advocates like Cruz, who believe in the cryptocurrency’s potential for decentralized financial freedom.
In conclusion, Cruz has been a longstanding supporter of Bitcoin and its potential as a hedge against inflation and government waste. Despite the crackdown on the crypto industry by US officials and agencies, Cruz remains “incredibly bullish on Bitcoin,” calling it the “alpha in the crypto sphere.” Cruz’s comments reflect the sentiments of many Bitcoin enthusiasts who see the currency’s decentralized nature as a means of achieving financial freedom and sovereignty.
