Texas Senator Says, “I like Bitcoin because the government can’t control it.”
Speaking at the 2022 Texas Blockchain Summit, US Senator Ted Cruz explained why he’s bullish on Bitcoin, how it helps the environment, and why Texas should become the world’s Bitcoin mining oasis.
“The beauty of it is that when you have a significant investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is common 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 a massive store of extra capacity, which I believe is very advantageous,” said Cruz.
According to the Texas Comptroller’s office, unlike “manufacturing facilities or industrial chemical plants, which can be expected to be around for decades,” crypto mining data facilities don’t exert long-term electrical demands on the grid, i.e., rigs can be shut off or turned on at a moments notice, allowing other businesses to operate in case of high electrical demand needs.
Further, Bitcoin mining facilities can absorb and monetize waste electricity in the grid (often found during low demand timeframes), allowing for a more efficient system.
In speaking on his own crypto investments, Cruz said he makes weekly Bitcoin purchases, and BTC is the only crypto in his investment portfolio.
He said, “I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the rise of bitcoin mining in Texas has an enormous positive benefit for resiliency of the grid.”
“I like Bitcoin because the government can’t control it,” he added.
In regard to where Bitcoin and crypto regulation is today, post FTX, Cruz said, “… as we set up the regulatory regime that is going to govern Bitcoin and crypto more broadly, we should think carefully and not come in overregulating because the danger, the damage that could be done I think is significant.”
Cruz wants Texas to become a “crypto oasis.”
After the crackdown of mining, trading, and usage of cryptocurrencies in China, energy rich Texas has already become among the fastest growing Bitcoin mining hubs, globally, and the Senator wants the state to dominate.
Cruz stated that Texas oil and gas production for Bitcoin mining may be utilized to further commercialize the energy produced. Much of which, natural gas especially, goes to waste when flared during oil drilling.
Watch Sen. Cruz’ full interview with Peter McCormack, HERE