Senator Ted Cruz spoke at the Blockchain Summit in Texas.
Senator Ted Cruz, speaking at the Texas Blockchain Summit, said he sees a connection between bitcoin mining and prosperity in the United States. He noted that bitcoin mining is an entrepreneurial activity in the U.S., stressing that many such entrepreneurs came to the summit.
The more entrepreneurs – the better for the economy, and since bitcoin mining is an attractive business in the long run, it is about more and more successful businessmen in the U.S. with this activity, as Cruz noted.
In turn, the growth of prosperity allows more attention to environmental issues in the U.S., which means that bitcoin mining in the U.S. economy is associated with a vector on the improvement of the situation in the environment.
Looking at the phenomenon of digital assets in general, he said, they are a “big net positive” for the environment because they help to increase incentives to use renewable energy sources.
In addition, bitcoin miners also harness energy that is reproduced from waste coal, as well as byproducts of the gas industry in the United States. This attracts investment, such energy generation itself also contributes to a more efficient use of the economy’s resources, which means it plays to the country’s ecology’s advantage.
The congressman didn’t overlook the fact that bitcoin miners’ cooperation with the power grid in Texas has become An example how bitcoin mining can become an important factor in the sustainability of the U.S. energy system:
“Because miners have the ability to turn their equipment on and off very quickly, in this way mining acts as a kind of ‘energy reservoir’ that the power system can use to make up for power shortages in situations with peak electricity consumption, such as when the weather is very hot or very cold.”
Ted Cruz also said he liked bitcoin in terms of a financial tool to hedge against the risk of high inflation.