‘I’m Bullish on Bitcoin’ — Ted Cruz Champions Bitcoin’s Boon for Texas and Power Grid Boosts

Ted Cruz, the U.S. Republican senator from Texas, expressed his optimism on Friday, stating he’s “bullish on bitcoin,” after a latest interview with Forbes launched on September 8. During the dialog, Cruz highlighted rising studies indicating that bitcoin mining is positively impacting Texas’ energy grid, generally known as the Electric Reliability Council of Texas (ERCOT).

Senator Cruz Celebrates Bitcoin’s Surge in Texas Energy

On Friday, Ted Cruz shared his most recent conversation with Forbes journalist Mickey Koss and expressed a eager enthusiasm for bitcoin (BTC).

“I’m bullish on Bitcoin,” Cruz broadcasted on the social community platform X (previously generally known as Twitter). “Texas is the pure residence for the digital asset business since Texans love freedom and so do digital asset bulls. This innovation is already benefiting Texas’ economic system and grid.”

Engaging with Koss, he make clear the flourishing job market within the Lone Star State. “Texas is a hub for jobs, innovation, and freedom, and people issues make it the pure oasis for the digital asset business worldwide,” remarked the Texas senator.

This isn’t the primary occasion of Cruz’s bitcoin endorsement. In May 2022, he revealed a “weekly purchase” technique for his funding portfolio. Moreover, this previous April, Cruz professed his admiration for bitcoin, emphasizing that he favors bitcoin “for a similar purpose the Chinese Communist authorities doesn’t like BTC.”

In February 2022, the general public caught wind of Cruz’s BTC acquisitions when monetary disclosures revealed a purchase order approaching $50K. This week, conversing with Forbes, Cruz expounded on the synergy between bitcoin mining and the advantageous outcomes for ERCOT.

His remarks dovetail with the most recent updates highlighting Riot Platforms’ assistance to ERCOT this August, serving to meet power calls for by reducing the agency’s energy consumption. He delved deeper into how some bitcoin mining endeavors can considerably reduce flare gas emissions by harnessing surplus power for his or her operations.

“Half of the pure fuel being flared within the U.S. is burned in West Texas as a result of we don’t have the pipelines and needed infrastructure to make use of it. This is wasted power,” Cruz defined to Koss. However, his optimism doesn’t prolong to central financial institution digital currencies (CBDCs).

Cruz has proactively presented legislation to impede the U.S. Federal Reserve from rolling out a CBDC with surveillance capabilities. Contrary to bitcoin, CBDCs function on centralized blockchains, enabling transaction monitoring and even the potential to freeze or seize funds — capabilities absent in decentralized crypto belongings like bitcoin.

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