Texas Senator Ted Cruz has expressed his support for Bitcoin, stating that he remains "incredibly bullish on bitcoin." Speaking at a Bitcoin Policy Institute event, Cruz described Bitcoin as the "alpha in the crypto sphere" and praised its potential as a hedge against inflation and an "important check" against government spending. He also highlighted that Bitcoin's decentralized nature makes it less "susceptible to government control" compared to traditional currency.
Cruz's remarks come at a time when the Biden administration has been increasing its scrutiny of the crypto industry. Regulatory crackdowns led by the SEC under Gary Gensler have targeted crypto entities, with charges ranging from illegally selling securities to promoting them without the necessary permissions. Cruz and other Republican senators have slammed the SEC's actions, with some claiming they are "pushing innovation into the hands of a communist country."
Cruz also pointed out that he likes Bitcoin for the "same reason that the Chinese Communist government doesn't like bitcoin." The Chinese government has been cracking down on Bitcoin and other cryptocurrencies, with its central bank introducing its own digital currency, the digital yuan. Despite these challenges, Cruz remains bullish on Bitcoin and believes that its potential as a hedge against inflation and government spending will continue to attract investors.
