Texas Senator Ted Cruz says he’s a fan of Bitcoin and highlighted why his state is a good match for crypto mining.
The U.S. Senator made his feedback on the Texas Blockchain Summit 2022 late final month, arguing that crypto might be a strategic business for the United States to develop. Cruz claimed that Bitcoin provided benefits to the nation’s vitality provide and represented an “huge reservoir” of extra vitality.
As reported by Cointelegraph, the Senator stated,
The magnificence of it [Bitcoin mining] is whenever you’ve bought substantial funding, as we do in Texas and Bitcoin mining, when you may have an excessive climate occasion, both excessive warmth, which is frequent within the state of Texas or excessive chilly, which typically occurs right here, Bitcoin mining will be shut off in a fraction of a second. Making that electrical energy instantly obtainable to the grid to warmth or cool folks’s properties, to maintain companies operating. That is a gigantic reservoir of extra capability.
Cruz known as crypto mining provide extra “very helpful,” and famous that Texas’s ample and low-cost vitality makes it a gorgeous location for the crypto business. The Texas Senator continued, saying that he was a fan of Bitcoin as a result of “the federal government can’t management it.”
Senator Cruz claimed that Bitcoin was the one cryptoasset he owns and revealed that he makes weekly investments into BTC.
He stated,
I believe Bitcoin means funding. It means alternative. It means prosperity. It means monetary independence.
The Senator additionally claimed that the rise of Bitcoin mining in Texas had “huge constructive profit” for the resiliency of the state’s electrical energy grid.
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