Senator Ted Cruz Endorses BTC, Reignites Crypto Market Interest
- Cruz says, “I’m incredibly bullish about crypto as a whole and bitcoin in particular.”
- The senator reveals he’s a Bitcoin investor and owns more every Monday.
MicroStrategy Founder and Chairman Michael Saylor recently posted a video of Senator Ted Cruz on Twitter, where Cruz is seen explaining that he is incredibly bullish on Bitcoin (BTC).
The clip, which was recorded during the Senators talk at the Bitcoin Policy summit on Wednesday, April 26, depicted that Cruz was incredibly excited about crypto as a whole. He also said he was particularly bullish on BTC. Cruz was of the opinion that BTC is the alpha in the crypto sphere, both in terms of ranking first and being the most dominant coin.
Cruz further described that the analogy of BTC being called as digital gold is powerful and that the insight that led to its creation is still extraordinary. In the video, Cruz was seen establishing his confidence in BTC by stating that he makes personal investments in them. He said that every Monday morning he has a standing order to add more BTCs to his ownership. The senator revealed:
I’m a BTC investor personally, I own a little more than 2 BTCs and every Monday I earn a little bit more.
Cruz went on to say that he bought the dip, and that he was happy with it which was when he disclosed that he is a long-term investor and finds the volatility in the market completely normal. Referring to the 21 million BTC cap, Cruz said:
There’s going to be ups and there’s going to be down, but 21M is a firm [constant] number.
BTC has seen a promising increase in the last 24 hours, rising over 8% to touch $30,000 on Thursday, April 27, despite falling back to the $29,000 mark. At press time, BTC is valued at $29,309.10.
Furthermore, Cruz believes that one of the attractions of BTC is that it works as a hedge against inflation, especially he adds, “when politicians in Washington carry on a spending binge.” Additionally, the fact that BTC is decentralized makes it powerful as it is far less susceptible to government control, says Cruz.
Cruz’s endorsement of BTC is significant given his past criticisms of crypto. He had previously called for a ban due to concerns about illegal use but now seems to have shifted his views, with actually vouching for the same now. This comes as cryptocurrencies face scrutiny from regulators worldwide, making Cruz’s support a milestone for the industry, showing that traditional institutions are gradually embracing crypto.