Texas Senator Ted Cruz Says Bitcoin Can Bring Prosperity, Calls BTC Mining a Net Plus for the Environment
United States Senator Ted Cruz believes that Bitcoin and BTC mining are beneficial for both the economy and the environment.
Cruz said at the Texas Blockchain Summit event that Bitcoin generates wealth that in turn benefits the environment.
“Looking at the environment, pollution is directly linked to poverty. The poorer a society is, the dirtier the energy they produce.
If you drive a brand new Tesla, that’s great. But if you can’t afford one, it won’t help.
What is exciting about Bitcoin is also that it is a space [Texas Blockchain Summit event at Austin] full of entrepreneurs. It’s a room full of people supporting their families. And that prosperity is also a net positive for the environment.”
According to Cruz, mining crypto assets is a “huge net plus” for the environment as it stimulates the generation of renewable energy while harnessing energy that would otherwise be wasted.
“I think cryptocurrency is a net plus for the environment. In fact, a big net plus for the environment. Being able to unlock a lot of renewable energy is very important for the environment. I think being able to take stranded natural gas and use it for productive use is a big positive effect for the environment.”
The Republican senator also says Bitcoin mining also helps regulate and optimize power distribution.
“Because of the ability for Bitcoin mining to turn on or off instantaneously, if you have a moment where there’s a power outage and a power crisis, whether it’s a freeze or some other natural disaster where the power generation capacity goes down, it creates the capacity to move it the energy instantly to put it back online.”
Earlier this year, Cruz said he was a “huge proponent of Bitcoin” and said it acted as an inflation hedge.
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