US senator Ted Cruz intends to convert Texas into a Bitcoin-based oasis | The Financial Express

US senator Ted Cruz intends to convert Texas into a Bitcoin-based oasis

According to Cointelegraph, the politician highlighted how the cryptocurrency industry can be beneficial for US energy supply and technological advancement

US senator Ted Cruz intends to convert Texas into a Bitcoin-based oasis
It is believed that Cruz makes weekly purchases of Bitcoin, which is the only cryptocurrency in his portfolio

Ted Cruz, senator, United States, intends on making the American state of Texas a Bitcoin oasis and other cryptocurrencies, as stated by Cointelegraph. 

According to Cointelegraph, at the Texas Blockchain Summit in late November, 2022, the politician highlighted how the cryptocurrency industry can be beneficial for US energy supply and technological advancement. 

“The beauty of it [Bitcoin mining] is when you’ve got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second. Making that electricity immediately available to the grid to heat or cool people’s homes, to keep businesses running. That is an enormous reservoir of excess capacity that, I think, is very beneficial,” Cruz said.

On the basis of information by Cointelegraph, Cruz emphasised on Texas’ reported low-cost energy and looks at free enterprise, with the aim to make Lone Star State an attractive place for the US cryptocurrency industry. It is believed that Cruz makes weekly purchases of Bitcoin, which is the only cryptocurrency in his portfolio. 

“I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the rise of bitcoin mining in Texas has an enormous positive benefit for resiliency of the grid,” Cruz added.

Moreover, Cointelegraph noted that Texas is reportedly one of the fastest-growing cryptocurrency spaces in the United States. In August, 2022, its Comptroller’s office entered into a pro-cryptocurrency stance, to focus on the benefits of the state hosting miners. The Comptroller stated that cryptocurrency-based mining facilities are not required to have long-term electrical demands on the grid.

(With insights from Cointelegraph)

Also Read: Focus on tech and not the price, says Vitalik Buterin on crypto market

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First published on: 05-12-2022 at 12:17 IST