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The lawmaker says the American state of Texas presents itself as an attractive place for crypto businesses and the industry at large.
US lawmaker Senator Ted Cruz has publicly shared his views that Texas has excellent potential to become a global crypto hub. Cruz revealed this while speaking at the Texas Blockchain Summit 2022 which was concluded in late November. Meanwhile, it’s worth noting that Cruz’s commentaries may come off as shocking, especially since they are coming at a time when most lawmakers are clamoring for more restrictions on Bitcoin (BTC) and cryptocurrencies at large. But, lawmakers who have now become critical of crypto may be well justified to be like that. Firstly, there has been a year-long market downturn that looks to have no end in sight. Also, recent events in the industry, including the rather unfortunate collapse of FTX in early November appear to be making matters even worse.
Senator Ted Cruz Says Texas Is Attractive to the Crypto Industry
Despite the general outlook that crypto currently bears, Senator Ted Cruz believes that the industry still hasn’t outlived its usefulness. According to the politician, the industry has a huge role to play for the US, particularly in terms of technological innovation and energy supply.
In his argument, Cruz shared that instead of burning energy from oil and gas extraction processes, the same energy could be used for Bitcoin mining and be monetized. But other than the monetary benefit, he also shared an energy conservation plan that mining activity affords a place like Texas. He said partly:
“When you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second.”
Per the Senator, shutting off mining activities immediately makes electricity abundantly available for homes and businesses alike.
Furthermore, Cruz also spoke highly of Texas’ open hand policy and its relatively low-cost energy. According to him, these make the state an easy option for crypto-based business setups. But more importantly, it also sets a foundation for the development of the crypto industry in the US.
Meanwhile, Cruz also revealed that he remains a loyal crypto enthusiast. The Republican lawmaker says he buys BTC weekly, as it remains the only crypto he holds in possession. He also added that Bitcoin is an easy investment choice because the government has no control over it.