Ted Cruz Champions Bitcoin’s Role in Texas’ Economy

Ted Cruz, the Senator from Texas, is no stranger to expressing his support for bitcoin (BTC). On Friday, he used the platform X, previously known as Twitter, to communicate his thoughts after a discussion with Forbes journalist Mickey Koss.

“I’m bullish on Bitcoin,” said Cruz. “With its love for freedom, Texas is a perfect fit for the digital asset industry. Already, it’s contributing positively to our economy and grid.”

Cruz highlighted the positive economic shift in Texas during his interaction with Koss. “Given our commitment to jobs, innovation, and freedom, Texas stands out as a global center for the digital asset community,” he noted.

Rewinding a bit, Cruz’s advocacy for bitcoin isn’t recent. He unveiled a “weekly buy” approach for his investment endeavors back in May 2022. Just last April, he spoke highly of bitcoin, pointing out his support for BTC stems from reasons quite opposite to those of the Chinese Communist government.

Moreover, public records from February 2022 show Cruz’s significant bitcoin purchase, which was close to $50K. In a recent conversation with Forbes, he elaborated on the connection between bitcoin mining and its positive implications for ERCOT.

This connection became evident when Riot Platforms stepped up to aid ERCOT this past August. They managed to adjust their energy use, thereby helping in meeting energy requirements. Cruz further detailed that bitcoin mining can make a marked difference in reducing flare gas emissions. They can achieve this by utilizing excess energy in their mining processes.

Elaborating, Cruz mentioned to Koss, “In West Texas alone, we burn half of the natural gas being flared in the U.S., primarily due to a lack of proper infrastructure. Such energy goes to waste.”

On the flip side, Cruz isn’t as optimistic about central bank digital currencies (CBDCs). He’s even taken steps to introduce legislation that would prevent the U.S. Federal Reserve from introducing a CBDC with tracking capabilities. Unlike bitcoin, CBDCs rely on centralized blockchains, which allow for monitoring of transactions and potentially even freezing or seizing of funds — something that’s not possible with decentralized assets like bitcoin.