Texas Senator Ted Cruz says he is a fan of Bitcoin and highlighted why his state is a perfect match for crypto mining.
The U.S. Senator made his comments at the Texas Blockchain Summit 2022 late last month, arguing that crypto could be a strategic industry for the United States to develop. Cruz claimed that Bitcoin offered advantages to the country’s energy supply and represented an “enormous reservoir” of excess energy.
As reported by Cointelegraph, the Senator said,
The beauty of it [Bitcoin mining] is when you’ve got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second. Making that electricity immediately available to the grid to heat or cool people’s homes, to keep businesses running. That is an enormous reservoir of excess capacity.
Cruz called crypto mining supply excess “very beneficial,” and noted that Texas’s abundant and low-cost energy makes it an attractive location for the crypto industry. The Texas Senator continued, saying that he was a fan of Bitcoin because “the government can’t control it.”
Senator Cruz claimed that Bitcoin was the only cryptoasset he owns and revealed that he makes weekly investments into BTC.
He said,
I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence.
The Senator also claimed that the rise of Bitcoin mining in Texas had “enormous positive benefit” for the resiliency of the state’s electricity grid.
Image Credit
Featured Image via Pixabay
