{"id":17922,"date":"2022-05-26T05:06:46","date_gmt":"2022-05-26T05:06:46","guid":{"rendered":"https:\/\/egrowonline.com\/?p=17922"},"modified":"2022-05-26T05:06:46","modified_gmt":"2022-05-26T05:06:46","slug":"us-senator-cruz-incredibly-bullish-on-bitcoin-says-i-have-a-weekly-buy-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=17922","title":{"rendered":"US Senator Cruz ‘Incredibly Bullish’ on Bitcoin \u2014 Says ‘I Have a Weekly Buy’ \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"


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U.S. Senator Ted Cruz says he is \u201cincredibly bullish\u201d on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency \u201cwill change the world,\u201d the senator said, \u201cUncontrolled, decentralized currency is terrifying for those who want control of currency.\u201d<\/strong><\/p>\n

Senator Ted Cruz \u2018Incredibly Bullish\u2019 on Bitcoin, Crypto<\/h2>\n

Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation\u2019s Bitcoin and the American Experiment event Monday. He began:<\/p>\n

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I gotta say when it comes to bitcoin, when it comes to crypto more generally, I am incredibly bullish.<\/p>\n<\/blockquote>\n

\u201cI think it is in the process of, and in the future even more so, will change the world,\u201d he opined.<\/p>\n

He proceeded to talk about various reasons why people are attracted to bitcoin. Firstly, many are using it as a hedge against inflation. Secondly, he explained that \u201cthere\u2019s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.\u201d<\/p>\n

He continued: \u201cAnd then there is the advantage of freedom. There is nobody in charge. That terrifies government decision-makers.\u201d Referencing that communist China and U.S. Senator Elizabeth Warren want to control currencies, Cruz commented:<\/p>\n

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Uncontrolled, decentralized currency is terrifying for those who want control of currency.<\/p>\n<\/blockquote>\n

The Texan senator proceeded to explain why bitcoin mining is good for the environment.<\/p>\n

\u201cI actually think bitcoin has an incredible potential to benefit us on the energy front,\u201d he stressed.<\/p>\n

He gave the example of natural gas flaring, the process of lighting natural gas on fire during oil production, praising bitcoin\u2019s ability to turn the energy waste into value. He also explained, \u201cOne way to think of bitcoin is as a battery,\u201d adding that when there\u2019s a need, \u201cBitcoin mining rigs can be turned off at a fraction of a second\u201d and \u201csuddenly the energy that was going to bitcoin mining can be instantly available\u201d for people.<\/p>\n

Senator Cruz Buys Bitcoin Weekly: \u2018I Believe in Dollar Cost Averaging\u2019<\/h2>\n

Regarding his own cryptocurrency investments, Cruz confirmed: \u201cI\u2019m an investor in bitcoin. I have invested my own money in bitcoin.\u201d The senator added:<\/p>\n

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I have a weekly buy that\u2019s an automatic buy every week of bitcoin because I believe in dollar-cost averaging.<\/p>\n<\/blockquote>\n

\u201cI\u2019m not smart enough to play the market. If I invest the same amount every month, every week, that oughta work out,\u201d he shared. \u201cI believe in bitcoin and so wanted to have a portion of our portfolio in it, not a massive portion, but a portion of it.\u201d In February, the senator declared<\/a> that he had purchased bitcoin worth up to $50K.<\/p>\n

Commenting on other cryptocurrencies, he said: \u201cOther forms of crypto, I\u2019ll confess I understand less well so my risk tolerance is\u2026 I\u2019m a little more hesitant to go there myself.\u201d<\/p>\n

What do you think about the comments by U.S. Senator Ted Cruz? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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