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The American politician serving as the junior United States Senator for Texas \u2013 Ted Cruz \u2013 thinks bitcoin could be a lifeboat amid the inflationary environment supposedly created by Washington\u2019s irrational decisions.\u00a0<\/span><\/p>\n He revealed holding slightly more than 2 BTC and having a standing order to buy more of the primary cryptocurrency every Monday morning, regardless of its price.\u00a0<\/span><\/p>\n In a recent\u00a0<\/span>appearance<\/span>\u00a0at The Bitcoin Policy Summit, Cruz explained why he is such a keen supporter of the asset and why a potential launch of a central bank digital currency would not benefit Americans.\u00a0<\/span><\/p>\n He admitted being \u201cincredibly excited and bullish\u201d on the asset, describing it as \u201cthe alfa in the crypto sphere.\u201d The politician also put his name on the list of people who view BTC as digital gold.<\/span><\/p>\n Cruz believes its main merit is its ability to serve as a hedge against the worrying inflation that has spread across the US and many other countries. He backed the thesis that BTC\u2019s hard cap of 21 million coins ever to exist could give the asset anty-inflationary characteristics.\u00a0<\/span><\/p>\n The fixed supply contracts with the limitless printing of fiat currency that central banks could and have executed (especially during the COVID-19 pandemic). Cruz criticized the American authorities for allowing this policy and thus lifting inflation to unseen levels in years:<\/span><\/p>\n \u201cWe see inflation all across the country driven by this spending binge that happened in the last two years in Washington that unleashed significant inflation.\u201d<\/span><\/p>\n<\/blockquote>\n Another reason why the Republican adores BTC is that it can\u2019t be controlled by governments, saying this is why China prohibited all operations involving cryptocurrencies:<\/span><\/p>\n \u201cI like bitcoin for the same reason that the Chinese communist government doesn\u2019t like bitcoin. They don\u2019t like bitcoin, and they banned it because they can\u2019t control it.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n Subsequently, Cruz admitted being a bitcoin investor, having a little more than 2 BTC. He also has a standing purchase order every Monday to increase his exposure, regardless of the momentum valuation.<\/span><\/p>\n Besides highlighting his support for bitcoin, Cruz argued that the potential launch of a digital dollar could harm the local monetary system:<\/span><\/p>\n \u201cI\u2019m very concerned about the risk of a CBDC. I think that is exceptionally dangerous; we see China moving forward with the intention of using a CBDC to destroy all the value of bitcoin, to destroy anonymity, to destroy decentralization.\u201d<\/span><\/p>\n<\/blockquote>\n The Senator\u00a0<\/span>introduced<\/span> a bill last year that aims to restrain the Federal Reserve from issuing such a financial product.\u00a0<\/span><\/p>\n \u201cThis bill goes a long way in making sure big government doesn\u2019t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom \u2013 not stifling it,\u201d he stated back then.<\/span><\/p>\n<\/blockquote>\n Featured Image Courtesy of CNN<\/p>\nBTC: A Hedge Against Inflation and So Much More<\/span><\/h2>\n
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CBDC Should not Pop up in the US<\/span><\/h2>\n
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