Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
Renowned Texas Rep. Ted Cruz is making waves after delivering a passionate defense of Bitcoin against its “authoritarian” critics. Calling out Elizabeth Warren and other “big government” Democrats, he said they only oppose the technology because they “can’t control it”.
Bitcoin Beats Authoritarianism
Ted Cruz aired his view on the matter during episode 109 of Verdict’s political talk show on Saturday. In conversation with Michael Knowles, the two noted how Bitcoin was being used as a roundabout way of donating funds to Canada’s trucker convoy.
“The same authoritarians who hate Joe Rogan, who hate the Canadian truckers… they hate Bitcoin, and they hate crypto,” said the senator. “It’s for the same reason… because they can’t control it”.
Recently, a significant media movement has been pushing for Rogan’s podcast to be deplatformed from Spotify due to some of his conversations questioning covid-19 health policy.
Meanwhile, Canada’s “Freedom Convoy” – opposed to Canada’s federal vaccination requirement for cross-border truckers – has had its global donations frozen by GoFundMe and TD bank in collaboration with government bodies. Bitcoin has since been used as an uncensorable substitute for gifts, amassing hundreds of thousands of dollars for the protestors. Since Bitcoin is decentralized, it’s far more complicated for governments to stop.
After 6-8 months of research on the topic, Cruz says he’s gotten “very bullish” on crypto, especially Bitcoin. However, he “fears” how the efforts of the Biden administration and various democrats like Liz Warren could crush the industry and its promises. Senator Warren has repeatedly blasted Bitcoin for its energy footprint as a “haven for illegal activity”.
Contrarily, Cruz is more than enthusiastic about the growth of Bitcoin mining and its migration to Texas. The state’s governor is inviting the industry to solve Texas’s weak energy grid, with a billion-dollar renewable-mining facility in the works.
Crypto Is Now Partisan
Democrats and Republicans have already drawn the battle lines on the crypto industry. While the former oppose the industry on environmentalist and investor protection grounds, the latter support, it is a technological revolution and inflation killer. Even NYC mayor Eric Adams – who supported crypto during his election campaign – has now aligned with his party against crypto mining.
Cruz announced during his show that he now DCA’s into Bitcoin, making him the third senator to reveal a public Bitcoin position. The other two are also Republicans: Cynthia Lummis and Pat Toomey.