Skip to main content

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

https://motleybloggers.com/wp-content/uploads/2022/02/us-senator-says-hes-bullish-on-bitcoin-because-its-decentralized-uncontrollable.jpg

US Senator Ted Cruz Says He's Bullish on Bitcoin Because It's Decentralized and 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.


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



Origina post from
https://motleybloggers.com/us-senator-says-hes-bullish-on-bitcoin-because-its-decentralized-uncontrollable/

Comments

Post a Comment

Popular posts from this blog

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno
Post a Comment
Read more