US Senator Ted Cruz believes that bitcoin and bitcoin mining are good for the economy and the environment.
Cruz said at the Texas Blockchain Summit that Bitcoin has generated a boom, which in turn benefits the environment.
“If you look at the environment, pollution is directly related to poverty. The poorer the society, the dirtier the energy it produces.
If you’re driving a new Tesla, that’s great. But if you don’t have enough money to buy one, there’s no point in it.
The interesting thing about Bitcoin is that it is also a coin [Texas Blockchain Summit event at Austin] Full of entrepreneurs. It’s a room full of people who support their families. This prosperity is also positive for the environment.
According to Cruz, crypto-asset mining is a “big advantage” for the environment because it encourages renewable energy generation while taking away energy that would otherwise be wasted.
“I think cryptocurrency is a huge plus for the environment. In fact, a huge plus for the environment. Being able to release a lot of renewable energy is really important for the environment. I think being able to recover failed natural gas and use it productively is a huge benefit to the environment.”
The Republican senator also claims that bitcoin mining also contributes to regulating and improving energy distribution.
“Because of the ability of bitcoin mining to turn on or off instantly, if you have a time when there is a shortage of energy and an energy crisis, whether it is due to a freeze or some other natural disaster where the ability to generate electricity is reduced, that creates the ability to bring that energy back straight away. to the network.
Earlier this year, Cruz said he was a “big supporter of bitcoin,” saying it served as an inflation hedge.
Never miss a thing – sign up to receive encrypted email alerts straight to your inbox
Check price action
Follow us TwitterFacebook and Telegram
Browse the Daily Hoodle Mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Main image: Shutterstock Studio/Leonid