‘I Like BTC for the Same Reason the Chinese Communist Govt Doesn’t Like BTC’ – Featured Bitcoin News

'I Like BTC for the Same Reason the Chinese Communist Govt Doesn’t Like BTC' – Featured Bitcoin News

United States Senator Ted Cruz has said he remains “incredibly bullish on bitcoin” which he described as the “alpha in the crypto sphere.” According to Cruz, people are attracted to bitcoin because they see it as a hedge against inflation and also as an “important check” against government spending.

Bitcoin Is Still the ‘Most Dominant’

United States Senator Ted Cruz has said he is “incredibly bullish on bitcoin” and he still believes the “insight that led to its creation is still extraordinary.” In his remarks at an event organized by the Bitcoin Policy Institute, Cruz insisted bitcoin is the “alpha in the crypto sphere” because it came first and “is the most dominant one.”

The remarks by Cruz, a Republican from Texas, came at a time when the Biden administration has upped the ante in its fight against the crypto industry. As has been reported by Bitcoin.com News since the start of 2023, U.S. officials and agencies have targeted crypto entities as part of the so-called Operation Chokepoint 2.0. The Securities and Exchange Commission (SEC) charges have ranged from illegally selling securities to American citizens to promoting these without the requisite permissions.

In response to the crackdown which is being spearheaded by the SEC, Republican senators including Cruz have slammed the regulatory body’s chairperson Gary Gensler. Others like the pro-crypto U.S. Senator Tom Emmer claimed that Gensler’s actions are “pushing innovation into the hands of a communist country.” Senator Cynthia Lummis, a BTC advocate and investor, also voiced her displeasure with the SEC’s crypto regulation approach.


BTC a Hedge Against Inflation

Meanwhile, in his address at the Bitcoin Policy Institute event, Cruz explained why he and many others are attracted to bitcoin.

“One of the attractions to bitcoin is as a hedge against inflation and particularly when you have irresponsible politicians in Washington that spend money like drunken sailors,” Cruz said.

Cruz added that the printing of trillions of dollars over the past two years had led to what he described as “significant inflation.” According to Cruz, since BTC is less “susceptible to government control” it can therefore act as an “important check” against wasting government spending.

The Texas Senator also claimed that he likes BTC for the “same reason that the Chinese Communist government doesn’t like bitcoin.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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