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US senator says he’s bullish on Bitcoin because it’s decentralized, out of control CryptoBlog

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

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

US Senator Bullish on Bitcoin

U.S. Senator Ted Cruz of Texas spoke favorably of bitcoin at the Conservative Political Action Conference (CPAC) on 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 I’m so bullish on crypto, on bitcoin, is because it’s decentralized and uncontrollable.

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

Senator Cruz then read aloud a letter from a bitcoin wallet company called Nunchuck to the Ontario Superior Court of Justice judge. The company received a court order on February 18 to freeze and release information about assets involved in the Freedom Convoy movement.

In the court letter, Nunchuck’s team explained that it was a “self-contained, collaborative multisig bitcoin wallet.” Citing that it is “a software provider, not a depositary financial intermediary”, the company told the court:

We cannot “freeze” our users’ assets. We cannot prevent them from being moved. We have no knowledge of the “existence, nature, value and location” of our users’ assets. It is by design.

The letter ends with the company urging the court: “Please check how self-custody and private keys work.”

Putting the letter back in his jacket pocket, Senator Cruz exclaimed, “This is spectacular.

Senator Cruz then spoke of control, stating:

China recently banned bitcoin because they can’t control it, which is exactly the same reason Elizabeth Warren hates bitcoin.

“The Chinese Communists and Elizabeth Warren, they both want to control you, your property, your savings, your speech, your life, your children – every decision – they want to control, and so we have to break the means of controlling the citizens,” he said.

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

Senator Warren has repeatedly criticized bitcoin, citing environmental concerns and investor protection. She urged the US Securities and Exchange Commission (SEC) to use “full authority” to regulate crypto trading.

Keywords in this story

Controllable Bitcoin, Decentralized Bitcoin, Canadian Prime Minister, China, Decentralization, Elizabeth Warren, Justin Trudeau, Texas Senator, Senator ted cruz, Senator Ted Cruz Bitcoin, uncontrollable, US Senator

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

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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