US Senator Ted Cruz is bullish on Bitcoin and wants Texas to be a crypto oasis
US Senator Ted Cruz wants to make the US state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician showed insight into how the crypto industry can be strategic for America’s energy supply and technological development.
Cruz argued that Bitcoin mining could be used to monetize energy created from oil and gas extraction, rather than burning it. In addition, he emphasized how mining can be used as an energy storage and supply alternative:
“The beauty of it [Bitcoin mining] is when you have significant investments, like 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 down in a fraction of a second. Making that power immediately available to the grid to heat or cool people’s homes, to keep businesses running. There’s a huge reservoir of excess capacity that I think is very beneficial.”
The senator highlighted that Texas combines abundant and relatively affordable energy, as well as embracing free enterprise, making Texas an attractive state for crypto industry development in the United States. Cruz also revealed the reason why he described himself as an enthusiastic fan of Bitcoin:
“I like Bitcoin because the government can’t control it.”
The Republican lawmaker admitted to buying Bitcoin weekly, the only cryptocurrency in his portfolio. He also noted:
“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 a huge positive benefit to the resiliency of the web.”
Texas is one of the fastest growing crypto mining hubs in the US. In August, its comptroller’s office revealed the state’s pro-crypto stance, intended to host long-term miners and operators, in a newsletter.
To clear up the general misconception about Bitcoin’s energy use, the financial note highlighted that unlike “manufacturing facilities or industrial chemical plants, which can be expected to exist for decades,” cryptocurrency mining facilities do not place large electrical demands on the grid.
Cointelegraph’s team was on the ground at the Texas Blockchain Summit. Find out more about the event by reading our summary.
