- February 25, 2022
- Posted by: Bogdan
- Category: Bitcoin Community, Bitcoin Regulation, Ted Cruz, USA
Republican Senator Ted Cruz during his Conservative Political Action Conference (CPAC) speech on Friday advocated for Bitcoin (BTC) again while lauding its decentralization.
Cruz said he is very bullish on Bitcoin because it is highly decentralized and cannot be controlled by any government or entity. He went on to cite the example of an ongoing issue in Canada, where the government enforced emergency laws as a retaliation to the Freedom Convoy trucker’s protest against COVID-19 mandates.
The Canadian government asked financial institutions and banks to freeze accounts of protesters followed by an order to crypto exchanges and crypto wallet service providers to do the same. A non-custodial wallet service provider Nunchuck received a similar order, and their response to the government went viral which eventually found its way to CPAC via Cruz.
One of the reasons I’m bullish on #Bitcoin is because it’s decentralized.
— Ted Cruz (@tedcruz) February 25, 2022
Cruz read the response of the Bitcoin wallet service provider which asked the Canadian government to read up on self custody wallets and private keys. The response also notified that they don’t have access to any of their user’s financial information beyond their email address, which is by design.
The Republican senator called Nunchuck’s response “spectacular” and went on to cite the example of the Chinese crypto ban to suggest Bitcoin cannot be controlled by governments.
Senator Cruz has joined the growing list of American politicians rallying behind Bitcoin, who has advocated for use of waste natural gas for Bitcoin mining in Texas and recently bought the Bitcoin dip. However, his propagation about the left being anti-Bitcoin citing Justin Trudeau as an example wasn’t received well among crypto Twitter. One user wrote, Bitcoin is apolitical and politicizing it as “Left vs Right” is a wrong move.
Politicizing it as left vs right is the wrong angle Senator. Bitcoin is apolitical.
— Ben Fairclough (@BFairclough23) February 25, 2022
Another user noted that Cruz being a politician is using Bitcoin knowledge to his advantage and suggested the opponents become more pro-Bitcoin to counter him.
He’s a politician using his understanding of #bitcoin to his advantage.
The only winning move for his political opponents are to be more pro-bitcoin.
— Seha Islam⚡ (@sehaislam) February 25, 2022
It is important to note that while there are policymakers who are making efforts at the judicial level to bring changes to the law for Bitcoin adoption, such as Miami Mayor Francis Suarez, Wyoming Senator Cynthia Lumis and a few others, however, a majority of them seems to be focused on using it as a tool for their political campaigns.