Senator Ted Cruz didn’t hold back at a recent policy conference when sharing his genuine enthusiasm for Bitcoin.
On April 26, 2023, Senator Ted Cruz, a Republican from Texas and Ranking Member of the Senate Committee on Commerce, Science, and Transportation, elucidated his viewpoint on Bitcoin at the Bitcoin Policy Summit in Washington, D.C. This event, spanning one day, was dedicated to discussing the potential strategic advantages Bitcoin could provide for the United States.
In his address, Cruz expressed his enthusiastic optimism about Bitcoin, noting his high expectations for Bitcoin and the entire cryptocurrency sector. He emphasized Bitcoin’s dominant position in the world of cryptocurrencies, attributing its status to being the pioneering digital currency and maintaining its supremacy to date. Cruz drew an analogy between Bitcoin and “digital gold,” recognizing the profound insight that fueled its inception.
Cruz didn’t shy away from revealing his personal investment in Bitcoin. He disclosed that he purchases Bitcoin on a weekly basis as part of a standing order, every Monday, to be precise. His Bitcoin holdings, as he stated, are slightly above two coins, increasing marginally with each passing week. Cruz mentioned that he had capitalized on recent market dips to increase his holdings, an investment strategy that seemed to please him. However, he clarified that his investment approach is long-term, implying that he is undeterred by the typical volatility associated with the flagship cryptocurrency.
He acknowledged the finite total supply of Bitcoin, capped at 21 million, as one of its key attractions. In Cruz’s view, Bitcoin serves as an effective inflation hedge, especially in light of the recent monetary policies enacted by politicians in Washington, which he criticized as reckless. He lamented the inflation spike across the nation, attributing it to the excessive spending and money printing over the last two years in Washington, which, according to him, fueled rampant inflation.
Cruz lauded Bitcoin as a vital countermeasure against inflation and uncontrolled money printing. He praised its decentralized nature, which makes it less vulnerable to government interference. To conclude, Cruz candidly admitted his preference for Bitcoin, stating that the same reasons that make him fond of Bitcoin are the ones that make it unpalatable to the Chinese Communist government.
Below is a recording of the entire conference: