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

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...
Post a Comment
Read more

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...
Post a Comment
Read more

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...
Post a Comment
Read more