Fun

US Senator Says He’s Bullish on Bitcoin Because It’s Decentralized, Uncontrollable

News Feed - 2022-02-27 11:02:23

US Senator Says He"s Bullish on Bitcoin Because It"s Decentralized, Uncontrollable


U.S. Senator Ted Cruz says one of the reasons he is so bullish on bitcoin is because it is decentralized and not controllable. He added that “China recently banned bitcoin because they can’t control it, which is the exact same reason Elizabeth Warren hates bitcoin.” US Senator Bullish on Bitcoin


U.S. Senator Ted Cruz from Texas spoke favorably about bitcoin at the Conservative Political Action Conference (CPAC) Thursday. Launched in 1974, CPAC “is the largest and most influential gathering of conservatives in the world,” its website describes.


During his speech at the event, the senator said: One of the reasons why I’m so bullish on crypto, on bitcoin, is because it is decentralized and not controllable.


“Let me give a fantastic example,” he continued. “So Justin Trudeau said I don’t like me some truckers, so we are going to freeze your assets. So the court went to try to freeze the crypto that was being given to the truckers.”


Senator Cruz proceeded to read aloud a letter from a bitcoin wallet company called Nunchuck to the Ontario Superior Court Justice. The company received an order from the court on Feb. 18 to freeze and disclose information about the assets involved in the Freedom Convoy movement.


In the letter to the court, the Nunchuck team explained that it is a “self custodial, collaborative-multisig Bitcoin wallet.” Citing that it is “a software provider, not a custodial financial intermediary,” the company told the court: We cannot ‘freeze’ our users’ assets. We cannot prevent them from being moved. We do not have knowledge of ‘the existence, nature, value and location’ of our users’ assets. This is by design.


The letter ends with the company urging the court, “Please look up how self custody and private keys work.”


As he put the letter back in his jacket pocket, Senator Cruz exclaimed, “That is spectacular.”


Senator Cruz then talked about control, stating: China recently banned bitcoin because they can’t control it, which is the exact same reason Elizabeth Warren hates bitcoin.


“The Chinese Communists and Elizabeth Warren, they both want to control you, your assets, your savings, your speech, your life, your children — every decision — they want to control, and so we need to break up the means of controlling the citizenry,” he emphasized.


The senator from Texas is a bitcoin holder. In February, he declared that he bought BTC worth between $15,001 and $50,000.


Senator Warren has repeatedly bashed bitcoin, citing environmental issues and investor protection. She has urged the U.S. Securities and Exchange Commission (SEC) to use “full authority” to regulate crypto trading. Tags in this story Bitcoin controllable, Bitcoin decentralized, Canadian Prime Minister, China, Decentralization, Elizabeth Warren, Justin Trudeau, senator from Texas, senator ted cruz, Senator Ted Cruz Bitcoin, uncontrollable, us senator


What do you think about Senator Cruz’s comments? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Executive Leaves Goldman Sachs for Coinbase — Says It"s Time to Embrace Crypto, Create Economic Freedom FEATURED | 10 hours ago Bitcoin Donations Pour in to Help Ukrainian Military Fight Russia — Over $5 Million in BTC Raised FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAnalysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions Next articleUS Charges Indian Citizen in $3.4 Billion Crypto Ponzi Scheme Bitconnect Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants


Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India

News Feed

Jesse Coghlan7 hours agoTesla earnings: Bitcoin bags untouched as firm splashes out on AITesla held onto its sizeable Bitcoin holdings in the third quarter and upped its spending on artificial intelligence and research a
Lucas Kiely2 hours agoFutures will be the best crypto game in town even after a Bitcoin spot ETFA spot Bitcoin ETF will bring fresh money to the market, but it will not change a fundamental reality: Bitcoin liquidity is
Nobel Prize Laureate Paul Krugman Compares Tesla to Bitcoin — They ‘Have More in Common Than You Think’
Nobel Prize Laureate Paul Krugman Compares Tesla to Bitcoin — They "Have More in Common Than You Think" Nobel Prize-winning economist Paul Krugman says Tesla may have more in com
US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’
US Treasury"s Yellen Says Crypto Doesn"t Have Adequate Regulation — Calls FTX Collapse "a Lehman Moment" U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exc
Tesla CEO Elon Musk Praises Dogecoin, Criticizes Bitcoin, Guesses Identity of Satoshi Nakamoto
Tesla CEO Elon Musk Praises Dogecoin, Criticizes Bitcoin, Guesses Identity of Satoshi Nakamoto Tesla and Spacex CEO Elon Musk says dogecoin is “fundamentally better than any
Blockchain thriving among Fortune 500 companies, but US lags — Coinbase
Derek Andersen2 hours agoBlockchain thriving among Fortune 500 companies, but US lags — CoinbaseCoinbase’s fourth annual corporate adoption report found that Fortune 500 companies and small businesses are adopting bl
Tom Blackstone9 hours agoBinance CEO responds to rumors, says US executive is ‘taking a deserved break’Despite Brian Shroder resigning as CEO of the exchange’s U.S. wing amid SEC and CFTC lawsuits, Binance CEO Chan
US Presidential Candidate Andrew Yang Says Regulations Cannot Impede Crypto
US Presidential Candidate Andrew Yang Says Regulations Cannot Impede Crypto Andrew Yang, who is running for U.S. president in the 2020 election, has explained what his priorities
Spot Bitcoin ETF inflows surge, but BTC struggles to rally above $65K
Marcel Pechman1 hour agoSpot Bitcoin ETF inflows surge, but BTC struggles to rally above $65KArbitrage trading of the spot BTC ETFs and a drop in demand for inflation hedges could be limiting Bitcoin’s price upside.414
Bitcoin ETFs Hit $40 Billion Inflows, Setting Historic Crypto Record
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
WATCH: Coinmine Adds Interest Payments to Its At-Home Crypto Miners
When the super-sleek – and super-divisive – Coinmine machine hit the crypto markets, people were at once impressed and annoyed. The device, looking like the love child between a
Amaka Nwaokocha1 hour agoUK MPs call for global alliance to tackle AI misuseThe collaboration aims to collectively safeguard against actors, whether state-affiliated or not, who seek to misuse AI for their objectives.265