United States Senator Ted Cruz Supports Bitcoin Says It Has A Lot Of Potential

The United States and Texas Senator Ted Cruz had recently made it known that he is supportive of Bitcoin (BTC). This news had come via a recent interview that had taken place with Sean Hannity, a host at Fox News. This development also comes at a time when Bitcoin had been legalized for the very 1st time in its entire history thanks to the efforts of El Salvador President Nayib Bukele, which had also resulted in renewed interest in the flagship crypto and the industry as a whole.

Many senators have since stated varying opinions about cryptocurrency, with one of the more recent ones being by Elizabeth Warren, who had claimed that cryptocurrencies were ‘bogus’ and not as useful as central bank digital currencies (CBDCs).

As of the time of this writing, BTC is trading at a price of $36,846, which is a 6.5% increase since yesterday. This increase had undoubtedly occurred thanks to the recent legalization of BTC in El Salvador, with many other nations such as the Philippines, Thailand, Vietnam, Argentina and Mexico actively considering the possibility of making the cryptocurrency legal as well.

‘BTC has potential,’ says Cruz

The senator believes that BTC definitely has a lot of potentials, a stark contrast to the stance taken by senator Warren. Ted Cruz claims that the world’s biggest cryptocurrency has experienced massive growth over the course of the previous decade, which makes sense, too, as Bitcoin’s initial starting price had been mere pennies.

He also claimed that the possibility of upcoming inflation is most likely a key contributor to the increase in Bitcoin’s value and partly explains why many have since flocked to it. Still, senator Cruz has warned everyone that caution must be exercised due to the high volatility as well as unpredictable nature of the crypto industry and market.

Ted Cruz is a former presidential candidate, and interestingly enough, his views on Bitcoin clash with those of former President Donald Trump, who had stated that Bitcoin is a ‘blatant scam.’

BTC granting more freedom

Michael Saylor, the CEO of MicroStrategy, had made headlines recently when he announced that his company shall be raising $400 million (and now an additional $500 million) for Bitcoin investments.

He had also participated in an interview with Sean Hannity prior to Ted Cruz, and much like the senator, the CEO also claims that BTC has the potential to perform exceptionally well and can grant increased ‘freedom and property to 8 billion people.