Ted Cruz On Why He Is Bullish On Bitcoin

Senator Ted Cruz (R-Texas) said he is bullish on apex cryptocurrency Bitcoin BTC/USD because it’s “decentralized and not controllable.”

What Happened: Cruz made the comments Thursday on Twitter, alleging that "the Left hates Bitcoin" because they can’t control it.

He also posted a video of his speech made earlier in the day, in which he alleged that China banned Bitcoin on similar grounds — because they cannot control the apex cryptocurrency.

The U.S. senator alleged it was the “exact same reason” Sen. Elizabeth Warren (D-MA) hates Bitcoin.

“The Chinese communists and Elizabeth Warren, they both want to control you. Your assets, your savings, your speech, your life, your children,” Cruz said.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Cruz’s comments are similar to those he made earlier this month. The senator has recently become a proponent of cryptocurrencies and the blockchain industry, while his home state of Texas has emerged as a bitcoin mining hub.

A forthcoming bill co-sponsored by Warren and Sen. Steve Daines (R-MT) that seeks to bar members of Congress from trading stocks could also cover cryptocurrencies, it was reported by the New York Post earlier in February.

Cruz — who has opposed the provisions in a bipartisan Senate bill that called for new tax rules for crypto-trading firms and brokers — bought the-late January dip in Bitcoin.

Price Action: Bitcoin is up 10.7% during the past 24 hours, trading at $38,586.03 at press time.

Read Next: How Bitcoin, Other Cryptocurrencies Could Serve As Workaround For Russians Facing Global Sanctions

Photo: Gage Skidmore via Flickr