US Senator Says He’s Bullish on Bitcoin Because It’s Decentralized, Uncontrollable

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US Senator Says He’s Bullish on Bitcoin Because It’s Decentralized – Senator Ted Cruz of the United States claims that one of the reasons he is so bullish about bitcoin is that it is decentralized and uncontrollable. “China recently outlawed bitcoin because they can’t control it,” he continued, “which is the same reason Elizabeth Warren despises bitcoin.”

Senator Ted Cruz of Texas spoke out in favor of bitcoin last Thursday at the Conservative Political Action Conference (CPAC). CPAC was founded in 1974 and promotes itself as “the world’s largest and most prominent meeting of conservatives.”

During his speech at the event, the senator said:

“One of the reasons I’m so bullish on crypto, specifically bitcoin, is that it’s decentralized and uncontrollable,” says the investor.

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Also Read: Study Claims China Mining Ban Worsened Bitcoin’s Carbon Footprint

Senator Cruz then continued to read aloud a letter from Nunchuck, a bitcoin wallet startup, to the Ontario Superior Court Justice. The corporation got a court order on Feb. 18 freezing and providing information about assets tied to the Freedom Convoy campaign.

Nunchuck’s team described it as a “self-custodial, collaborative-multisig Bitcoin wallet” in a letter to the court. The firm told the court that it is “a software provider and not a custodial financial intermediary,”

The firm went further to say:

We are unable to ‘freeze’ the assets of our users. We won’t be able to stop them from being relocated. We have no knowledge of our users’ assets’ existence, type, value, or location. This is on purpose.

“Please look up how self-custody and private key’s function,” the company writes at the end of the letter to the court.

Senator Cruz exclaimed, “That is wonderful,” as he tucked the letter back into his jacket pocket.

Senator Cruz then addressed the issue of control, saying:

“China just outlawed bitcoin because of its inability to control it, the same reason Elizabeth Warren despises it.”

“Both the Chinese Communists and Elizabeth Warren want to control you, your assets, your speech, your money, your children, your life – every decision – they want to control,” he said.

Also Read: US Lawmakers Press Bitcoin Mining Firms on Energy Usage

Senator Ted Cruz of Texas is a bitcoin investor. He announced in February that he had purchased BTC worth between $15,001 and $50,000.

Senator Warren has slammed bitcoin on numerous occasions, claiming environmental concerns and investor protection as justifications. She has encouraged the Securities and Exchange Commission (SEC) to regulate crypto trading with “full authority.”

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