US Sen. Ted Cruz has shown great enthusiasm and bullishness towards Bitcoin (CRYPTO: BTC), who says he is excited about the cryptocurrency’s potential and especially its role as the dominant player in the crypto market.
Speaking at the Bitcoin Policy Summit on Wednesday, the Texas Republican said the analogy to digital gold is powerful and the insight that led to its creation extraordinary.
What happened: Cruz revealed that he is a personal investor in Bitcoin and owns a little more than 2 Bitcoin.
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He also revealed that he has a standing order to buy more Bitcoin every Monday morning and is willing to withstand the volatility that comes with the long-term investment.
Furthermore, he is sure that the 21-million Bitcoin cap is a fixed number.
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Cruz said he sees Bitcoin as an important check against inflation, especially when politicians in Washington spend money irresponsibly.
Also Read: Bitcoin to Skyrocket to $100,000 by 2024: Analyst Predicts a Decentralized Future
Bitcoin’s decentralized nature makes it far less susceptible to government controls, which is why it’s so powerful, he said.
Cruz said the Chinese government’s dislike of Bitcoin is one of the reasons he likes it.
“I bought the dip which I was quite happy with and I’m also a long-term investor so I’m fine with a bit of volatility and I realize there’s going to be ups and downs but 21 million is a solid number.”
One of Bitcoin’s attractions for many is as a hedge against inflation, he said.
“Especially when you have your responsible politicians in Washington spending money like drunken sailors, which is not at least fair to the sailors that they’re spending their own money, and they’re printing trillions and trillions of dollars. We’re seeing inflation across the country driven of this frequency of spending that happened in the last two years in Washington that triggered significant inflation,” he said.
Read next: Bitcoin whales wake up as dormant wallets move millions, sparking crypto speculation
Photo via Shutterstock.
