According to the senator, Texas combines abundant energy at reasonably affordable prices with free enterprise. Senator Ted Cruz of the United States wants to turn the state of Texas into a haven for Bitcoin and other diverse cryptocurrencies. The lawmaker expressed his understanding of how the cryptocurrency business may be vital for the US energy supply and technological advancement during a speech at the Texas Blockchain Summit 2022 in late November.
Ted Cruz stressed that mining may be utilized as an option for the supply and storage of energy and that it might be put to use in monetizing energy produced by oil and gas production. He emphasized that Texas is an appealing location for the American crypto market since it has ample and fairly cheap electricity and supports free enterprise.
A Supportive Stance Strongly Taken By Ted Cruz And Justifies His Reasons
Ted Cruz also elucidated the reasons for which he considers himself an ardent supporter of Bitcoin, stating that he likes Bitcoin as it can’t be controlled by the government.
The Republican senator added that he buys Bitcoin, which is the sole cryptocurrency within his portfolio, on a regular schedule. Bitcoin represents investment, opportunity, and prosperity to him. Additionally, it denotes financial freedom. Additionally, he believes that the expansion of bitcoin mining in Texas will have a significant positive impact on the grid’s resilience.
Texas, undoubtedly, is one of the centers in the US for mining bitcoin, with the greatest growth. Its Comptroller’s office took a pro-crypto stand in August and emphasized the advantages of the province sponsoring miners.
According to the Comptroller’s office, bitcoin mining facilities do not put sustained energy demands on the grid, in contrast to industrial chemical plants or manufacturing facilities which could be expected to be around for decades now.