How Bitcoin Can Help Small Businesses Thrive
In an interview with Cointelegraph, Bitcoin is a transformative tool for small businesses, says Senator Ted Cruz. According to him, Bitcoin would provide privacy, autonomy, and freedom from government intrusion-as it should be-and be incredibly valuable to foster innovation and economic liberty. Cruz also lambasted Democrats in Congress for their skepticism of the decentralizing power of BTC, which he believes provides freedom for individuals and businesses.
“I am bullish on Bitcoin,” he said, underlining it as an inflation hedge and a driver of innovation. He felt optimistic about Republican efforts to embrace the crypto industry, promising more battle against government overreach in the regulation of that industry. Among his legislation is one barring the development of a central bank digital currency – CBDC – and limiting the Federal Reserve’s authority over digital currencies.
Texas: Crypto Mining Haven
Cruz pinpointed Texas as “an oasis for Bitcoin” due to its ample, low-cost energy and business-friendly environment. The entrepreneurial spirit and low taxes of the state have drawn in major BTC mining firms, cementing Texas’s status as a global hotbed for cryptocurrency innovation.
The senator believes this because cryptocurrency mining relies on “reliable, low-cost energy, and Texas has it in spades.” He goes on to refer to examples like the recent relocation of Hive Digital headquarters to Texas, and the recent purchase of a Texas wind farm by Marathon Digital. Cruz celebrated the job creation and economic growth – he will, Cruz assured, be committed to ensuring that momentum does not change.
Thoughtful Regulation Advocacy
Cruz warned against such rapid regulatory moves, calling for restraint from legislators. “Hasty regulations could stifle innovation,” he said, adding that Congress needs to better understand cryptocurrency before it legislates the space. He called on his colleagues to be open to the idea of BTC empowering humanity and advancing technology.
Cruz: A Bitcoin Miner in the Senate
Cruz is one of the few senators who actively mines BTC. He mines out in West Texas, with the mining rigs on his property and uses dollar-cost averaging as he builds out his Bitcoin positions.
“Bitcoin has roughly tripled in value since I started investing,” Cruz said, cementing the notion he’s there for the asset’s long-term potential.
With his efforts in defending BTC from regulatory overreach and promoting Texas as a crypto hub, Senator Cruz positions himself as one of the most important advocates for the future of the industry.
