Ted Cruz Reveals Surprising Reason Why He’s a Fan of BTC – It’s the Same Reason China’s Government Hates It

"US Senator Ted Cruz bullish on bitcoin, calls it the 'alpha in the crypto sphere'"

Texas Senator Ted Cruz has expressed his bullishness on bitcoin, describing it as the “alpha in the crypto sphere.” Speaking at an event organised by the Bitcoin Policy Institute, Cruz explained that people are attracted to bitcoin because they view it as a hedge against inflation and as a check against government spending. He also criticised the printing of trillions of dollars over the past two years, which he says has led to significant inflation. Cruz’s remarks come at a time when the Biden administration has stepped up its fight against the crypto industry.

Cruz’s comments on bitcoin being the “alpha in the crypto sphere” are based on the fact that it was the first cryptocurrency and is still the most dominant one. He praised the insight that led to its creation, which he believes is still extraordinary. Cruz is not alone in his bullishness on bitcoin, as many investors and institutions have also expressed their support for the cryptocurrency.

However, the regulatory crackdown on the crypto industry has been a cause for concern for many in the space. The SEC has been targeting crypto entities as part of Operation Chokepoint 2.0, with charges ranging from illegally selling securities to promoting them without the necessary permissions. Republican senators, including Cruz, have criticised the SEC’s chairperson Gary Gensler for his actions, with some claiming that they are pushing innovation into the hands of a communist country.

Cruz’s views on bitcoin as a hedge against inflation are shared by many in the crypto industry. The printing of trillions of dollars by the US government over the past two years has led to significant inflation, and bitcoin is viewed as a way to protect against this. Since bitcoin is less susceptible to government control, it can act as an important check against government spending.

Cruz’s support for bitcoin puts him at odds with the Chinese Communist government, which has been cracking down on the cryptocurrency industry. The Chinese government has banned bitcoin mining and trading, and has been promoting its own digital currency, the digital yuan.

In summary, Cruz’s bullishness on bitcoin is based on its status as the first and most dominant cryptocurrency, as well as its potential as a hedge against inflation and a check against government spending. However, the regulatory crackdown on the crypto industry is a cause for concern for many in the space, and there are fears that it could stifle innovation and push it into the hands of other countries.

Martin Reid

Martin Reid

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