US Senator Cruz ‘Incredibly Bullish’ on Bitcoin — Says ‘I Have a Weekly Buy’ – Markets and Prices Bitcoin News

U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.”

Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto

Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation’s Bitcoin and the American Experiment event Monday. He started:

It’s bitcoin that makes me extremely bullish.

“I think it is in the process of, and in the future even more so, will change the world,” he opined.

Then he spoke about the many reasons people love bitcoin. It is used by many as an inflation hedge. Secondly, he explained that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.”

He continued: “And then there is the advantage of freedom. Nobody is in control. That terrifies government decision-makers.” Referencing that communist China and U.S. Cruz stated that Senator Elizabeth Warren wanted to regulate currencies.

For those who desire control over currency, uncontrolled and decentralized currencies can be terrifying.

A senator from Texas then explained to the audience why mining bitcoin is beneficial for the planet.

“I actually think bitcoin has an incredible potential to benefit us on the energy front,” he stressed.

He gave the example of natural gas flaring, the process of lighting natural gas on fire during oil production, praising bitcoin’s ability to turn the energy waste into value. He also explained, “One way to think of bitcoin is as a battery,” adding that when there’s a need, “Bitcoin mining rigs can be turned off at a fraction of a second” and “suddenly the energy that was going to bitcoin mining can be instantly available” for people.

Senator Cruz Buys Bitcoin Weekly: ‘I Believe in Dollar Cost Averaging’

Regarding his own cryptocurrency investments, Cruz confirmed: “I’m an investor in bitcoin. I have invested my own money in bitcoin.” The senator added:

I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging.

“I’m not smart enough to play the market. If I invest the same amount every month, every week, that oughta work out,” he shared. “I believe in bitcoin and so wanted to have a portion of our portfolio in it, not a massive portion, but a portion of it.” In February, the senator declared that he had purchased bitcoin worth up to $50K.

Commenting on other cryptocurrencies, he said: “Other forms of crypto, I’ll confess I understand less well so my risk tolerance is… I’m a little more hesitant to go there myself.”

How do you feel about U.S. comments? Senator Ted Cruz? We’d love to hear from you in the comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.