U.S. Senator Backs Bitcoin Reason Being Decentralized and Uncontrollable

Investing in Bitcoin (BTC) Turned Out More Profitable Than COIN
  • U.S. Senator Ted Cruz of Texas expressed his support for bitcoin.
  • Bitcoin is down 0.17% in the last 24 hours.

Senator Ted Cruz of the United States claims that one of the reasons he is so enthusiastic about bitcoin is because it is decentralized and not controlled. And he went on to say that China just outlawed bitcoin because they couldn’t regulate it, which is precisely the same reason Elizabeth Warren despises bitcoin.

At the Conservative Political Action Conference (CPAC) on Thursday, U.S. Senator Ted Cruz of Texas expressed his support for bitcoin. CPAC, which was founded in 1974, bills itself as “is the largest and most influential gathering of conservatives in the world,” according to its website.

A letter from a bitcoin wallet startup named Nunchuck to the Ontario Superior Court Justice was read aloud by Senator Cruz after he finished his speech. On February 18, the corporation was served with a court order to freeze and reveal information regarding the assets associated with the Freedom Convoy protest movement. Texas Senator Ted Cruz is a cryptocurrency investor. According to his declaration made in February, he had purchased bitcoins valued between $15,001 and $50,000.

Bitcoin Consolidating Around $39K Price Level

Senator Warren has criticized bitcoin on several occasions, citing environmental concerns and investor protection as justifications. She has encouraged the Securities and Exchange Commission (SEC) of the United States to use “full authority” to regulate cryptocurrency trading.

After rebounding, Bitcoin has been consolidating around the critical $39K price level. Other major altcoins, including Ethereum, have gained after the recent bloodbath in the last couple of days. According to CoinMarketCap, the Bitcoin price today is $39,102.03 USD with a 24-hour trading volume of $18,523,400,526 USD. Bitcoin is down 0.17% in the last 24 hours.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.