Republican Senator from Texas, Ted Cruz is a lover of crypto and especially bitcoin (BTC). Over the past few years, he has missed no opportunity to promote the flagship crypto. According to him, the fact that governments have no control over bitcoin is one of the reasons for this love. The one who revealed buying bitcoin weekly, reiterated his ambition to make Texas a BTC hub.
Ted Cruz bets on the power supply of crypto
Despite the bloody setback that the crypto market is experiencing, enthusiasts still believe in it and do not give up. For them, crypto is the future of financial exchanges. US Senator Ted Cruz is one of them. Known for being bitcoin (BTC) friendly, the politician wants to make Texas “an oasis for cryptos”. The leader had already made a similar declaration last May, during an event of the conservative think tank of the Heritage Foundation. This time, he said it during the Texas Blockchain Summit 2022, which took place a few days ago.
This statement comes amid growing criticism of the industry. Indeed, detractors are taking advantage of the bear market to claim that cryptos must be banned, especially mining activity.
As part of his ambition, Ted Cruz explained how the crypto industry can be strategic for energy supply. For him, Texas can further monetize the gas flared in its oil and gas operations, to become a mining hub. He added that the mining activity can be used as an alternative for storing and supplying energy.
“The beauty of mining is that when you have an extreme weather event, whether it’s extreme heat, which is common in the state of Texas, or extreme cold, which sometimes happens here, bitcoin mining can be interrupted in a fraction of a second. Electricity is then immediately available for the grid, to heat or cool homes, to run businesses. It’s a huge pool of excess capacity that I think is very beneficial.”he said.
For Ted Cruz, bitcoin can help improve the electricity supply in his state. The electricity distribution network can take advantage of periods of low mining production to replenish energy. A solution which can also make it possible to boost the energy storage capacity in the State.
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