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In a Bitcoin policy summit hosted by Swan Bitcoin on Wednesday, U.S. senator Ted Cruz displayed a significant deal of enthusiasm and bullishness towards the flagship cryptocurrency, Bitcoin. Cruz stated that he periodically buys Bitcoin every Monday morning and that he recently “bought the dip” when the price of Bitcoin dropped a few days back.
Ted Cruz Ultra Bullish On Bitcoin
The Texas Republican commented that the comparison between Bitcoin and digital gold was compelling, and he was adamant in his belief that Bitcoin is “the alpha in the crypto sphere.” Moreover, he mentioned that he has a standing order to buy more Bitcoin next Monday morning and is willing to tolerate the volatility that comes with a long-term investment in risk-assets like cryptocurrencies.
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Furthermore, he remains confident of the 21-million Bitcoin cap that was hard-coded into the digital currency during its creation. Addressing the panel, Cruz noted that he sees this number as a hedge against inflation, especially when U.S. politicians have been printing money at an alarming rate, coupled with Federal Reserve’s incessant rate hikes.
The 52-year-old Republican was quoted as saying:
I bought the dip which I was quite happy with, and I am also a long-term investor, so I am fine with some volatility, and I recognize there are going to be ups and downs, but 21 million is a firm number.
Cruz Advocates Bitcoin Over CBDC
Cruz also brought attention to the fact that big governments like Russia and China were strongly opposed to the concept of cryptocurrency. “I like Bitcoin for the same reason why the Chinese communist government doesn’t like Bitcoin,” he continued to say. However, Cruz’s relationship with digital assets isn’t something new as it dates back quite some time.
In particular, the senator attracted a lot of media attention after he advocated making it mandatory for Capitol Hill to accept cryptocurrency payments. Additionally, the proposal — which was released earlier this year — would make it mandatory for food service providers and vending machines to accept cryptocurrency payments. In recent months, Cruz has vociferously argued against the establishment of a national Central Bank Digital Currency (CBDC) on concerns of privacy breaches.
As things stand, Bitcoin’s price is currently exchanging hands at $28,144 which represents a gain of 0.78% over the past 24 hours in comparison to a loss of 3.49% recorded over the past seven days.
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