September 25, 2022

US Senator is Bullish on Bitcoin due to its Decentralized Nature

bitcoin

Ted Cruz, the US Senator, has said that one of the reasons that he has been bullish on bitcoin is because of the decentralized nature of the cryptocurrency, which makes it uncontrollable. He went on to say that the reason China had decided to impose a ban on Bitcoin was that they are unable to control it and also added that this is the primary reason why Elizabeth Warren also hates the pioneer cryptocurrency. Hailing from Texas, the US Senator spoke in favor of bitcoin on Thursday at the Conservative Political Action Conference (CPAC). According to the CPAC website, it is the most influential and largest gathering of conservatives worldwide and was launched back in 1974.

The senator gave a speech at the event and said that Bitcoin’s decentralized and uncontrollable nature had prompted him to be so bullish. In fact, he went on to give an example of this feature. He referred to what Justin Trudeau had done to control the Freedom Convoy protests taking place in Canada. They had invoked the Emergencies Act and all assets were to be frozen. The court gave the order to freeze the crypto accounts and wallets of those involved in the protest. Senator Cruz then went on to read a letter aloud from Nunchuk, a bitcoin wallet company, which had been sent to the Ontario Superior Court Justice.

The court had issued an order to the company on February 18thto freeze the assets that were involved in the Freedom Convoy protest and to disclose information about them. The Nunchuk team had told the court that they are a self-custodial, multi-signature Bitcoin wallet. The company stated that it was not a custodial financial intermediary and was only a software provider. Therefore, they were unable to comply with the court’s orders and freeze the assets of their users. The company added that they could not stop the users from moving their assets and neither did they have any information about their location, nature, value, and existence.

At the end of the letter, the company told the court to check how private keys and self-custody work. Senator Cruz stated that this was something ‘spectacular’. He then went on to talk about control and said that Elizabeth Warren and the Chinese Communists want to control people, their assets, their speech, savings, life, kids, and every decision. The senator said that they want to control and they have to break up the way they can control the citizens.

The Texas senator is a bitcoin holder. He had declared back in February that he had invested in Bitcoin and had purchased the world’s first cryptocurrency for a value of somewhere between $15,000 and $50,000. As far as Senator Warren is concerned, she has been a prominent critic of the cryptocurrency and has cited problems like investor protection and environmental concerns when it comes to Bitcoin. In fact, she has gone as far as urging the Securities and Exchange Commission (SEC) in the US to use their authority to regulate crypto trading.

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