Texas senator Ted Cruz just praised Bitcoin, triggering more crypto adoption. Check out what he had to say about the king coin.
Ted Cruz on Bitcoin
United States Senator Ted Cruz believes that Bitcoin and BTC mining are beneficial to both the economy and the environment.
He recently explained at the Texas Blockchain Summit event that Bitcoin generates prosperity which in turn benefits the environment.
“If you look at the environment, pollution is directly connected to poverty. The poorer a community is, the more dirty the energy is they produce.”
He continued and said the following:
“If you’re driving a brand new Tesla, that’s great. But if you don’t have the money to afford one that doesn’t help.”
He also addressed the most exciting thing about the king coin in his vision:
“What’s exciting about Bitcoin also is, that’s a room [Texas Blockchain Summit event at Austin] full of entrepreneurs. That’s a room full of people that are providing for their family. And that prosperity is a net positive for the environment as well.”
Cruze also said that the mining of crypto assets is a “big net plus” for the environment. The reason is the fact that it incentivizes renewable energy generation and at the same time, it captures energy that would otherwise be wasted is utilized.
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the coin is priced at $21,352.
The Republican Senator also explained the fact that Bitcoin mining also helps in the regulation and optimization of power distribution.
“Because of the ability of Bitcoin mining to turn on or off instantaneously, if you have a moment where there’s a power shortage and a power crisis, whether it is a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid.”