HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

U.S. Senator Ted Cruz Praises Bitcoin, Says It Has “A Lot Of Potential”

Bitcoin 2021/06/10 22:15 by Brenda Ngari
U.S. Senator Ted Cruz Praises Bitcoin, Says It Has “A Lot Of Potential”

Texas Senator Ted Cruz is a budding fan of bitcoin and blockchain technology. He made pro-bitcoin comments while speaking to Sean Hannity at Fox News.

“Bitcoin Has A Lot Of Potential”

After a surge to a record high above $64,000 in April, the price of bitcoin has quickly slumped in a span of weeks. Even still, Republican Senator Ted Cruz believes it has more fuel left in the tank. 

“Look, I think Bitcoin has a lot of potential. I think we are seeing enormous growth in it,” he said.

Cruz explained that imminent inflation is one of the primary reasons why most people are embracing the flagship cryptocurrency.

“We are seeing inflation. We are seeing lumber going up, homes going up, oil going up, gasoline going up, energy going up, commodities going up, and I think people are going to bitcoin as a hedge against that.”

Perhaps unsurprisingly, bitcoin has been garnering massive popularity and has even been adopted by several legendary Wall Street investors as well as financial institutions in recent months. Sovereign nations have also started to take the potential of bitcoin more seriously. For instance, El Salvador recently made bitcoin legal tender, which could inevitably ignite a trend across Latin America.

Countries like El Salvador, have valid reasons for embracing the top crypto and giving it an equal footing with the dollar, including to mitigate inflationary effects and a way to bring financial inclusion to its citizens.

Cruz further stated that bitcoin has significant upside. The crypto-friendly ex-presidential candidate, however, advised investors to exercise caution while interacting with the crypto-asset.

Other Politicians Beg To Differ

While Cruz is throwing his support behind bitcoin, some other U.S. politicians are not cryptocurrency fans. ZyCrypto reported on former U.S. President Donald Trump describing bitcoin as a scam and advocating for stricter regulation of the nascent sector.

Democrat Elizabeth Warren has struck a warier tone even more recently. During a Senate Banking Committee hearing on Wednesday, the Massachusetts Senator trashed bitcoin and other cryptocurrencies for their role in aiding ransomware attacks and scams. 

She also reiterated what has now become the most common critique of the dormant crypto: that it draws crazy amounts of energy. To be precise, she claimed that bitcoin consumes as much energy as the Netherlands. Warren added that the cryptocurrency is estimated to use as much energy as all the data centers across the globe by the end of 2021.

0 Like(s)



You should also read...

Bitcoin 06/04/20 18:00 by Tony Spilotro
Rough Week Ahead, Correlation With Stock Market Could Be Deadly for Bitcoin
Bitcoin price has nearly doubled since the cryptocurrency experienced a massive collapse in mid-March, falling to as low as $3,800. Although the first-ever cryptocurrency is now trading at prices abov...
Read More
Bitcoin 17/03/21 17:36 by Steven Msoh
Major U.S. Bank Morgan Stanley to Offer Bitcoin Funds to Wealthy Clients
Morgan Stanley, one of the world’s largest banks, has published a note recognizing Bitcoin as an investable asset class. The Wall Street investment bank believes that the crypto is reaching a thres...
Read More
Bitcoin 23/03/21 02:00 by Tony Spilotro
How Bitcoin Price Could Shed 50 To 70% If Momentum Turns Down
Bitcoin price is down nearly 10% from recent highs set earlier this month, but the underlying strength of the price action is beginning to fade ever so slightly. The weekly MACD is also turning , pote...
Read More
Bitcoin 24/03/21 12:35 by Yashu Gola
Bitcoin Faces Trouble as Dollar Logs Fresh 2021 High, Researcher Warns
Key Bitcoin Takeaways Bitcoin reversed its short-term downside bias after Elon Musk introduced a new BTC payment option on Tesla online stores. Meanwhile, the US dollar index reached a fresh year-to-...
Read More
Bitcoin 25/03/21 14:23 by Yashu Gola
Bitcoin Sell-Off Worsens as US Jobless Claims Hit Pandemic Low; What’s Next?
Bitcoin edged lower Thursday after the jobless claims in the United States reached their lowest level of the pandemic, confirming that the country’s economy is recovering at a faster rate. The b...
Read More