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- US Senator Ted Cruz emphasizes the role of Bitcoin
in the Texas economy and its contribution to freedom.
- Cruz believes that Bitcoin’s uncontrollable nature and secure network have the potential to enhance freedom.
- He also suggests that Bitcoin mining could bring unique benefits to the energy sector and provide solutions to infrastructure deficiency issues.
In a recent interview with Forbes, US Senator Ted Cruz passionately discussed the growing importance of Bitcoin in the Texas economy and its potential to enhance freedom due to its uncontrollable nature and secure network.
Why Does Ted Cruz Anticipate a Rise in Bitcoin?
According to Cruz, Bitcoin’s uncontrollable nature gives it the potential to enhance freedom. He cites China’s ban on Bitcoin and cryptocurrency in general as an example of how governments react to the uncontrollable nature of cryptocurrency. The uncontrollability achieved through Bitcoin’s secure network makes it more appealing to the US Senator.
Environmental Impact of Bitcoin Mining
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Despite global criticism of Bitcoin’s energy consumption, Cruz believes it brings unique benefits to the energy sector. Texas, known for its abundance of cheap electricity, has witnessed significant growth in Bitcoin mining operations.
Bitcoin Mining as a Solution to Infrastructure Deficiency
Senator Cruz sees Bitcoin mining as an emergency power source and explains its role in demand response programs. According to Cruz, Bitcoin miners can prevent excess electricity capacity from going to waste by converting it into money. This excess capacity can be quickly redirected to the grid when needed, enhancing the grid’s flexibility. Cruz also emphasized that Bitcoin mining could help solve the problem of natural gas wasted through flaring in West Texas due to infrastructure deficiencies. He believes that using wasted energy for local Bitcoin mining could serve as a win-win solution for both the environment and the economy.
Cruz is known for his value in cryptocurrency, particularly Bitcoin. In January, he praised cryptocurrency for creating new jobs and serving as a secure payment option for goods and services.