United States Senator Ted Cruz said that Bitcoin mining is beneficial for the economy as well as for the environmental challenges.
Ted Cruz is an American politician and attorney serving as the junior United States senator for Texas since 2013. He is known as a crypto-friendly US senator. In February of this year, he unveiled that he purchased $50,000 worth of Bitcoin. In the past, he said that “I think Bitcoin has a lot of potential. I think we are seeing enormous growth in it”.
Last week, At Texas Blockchain Summit, United States Senator Ted Cruz talked about the beneficial factors in favor of Bitcoin mining.
Cruz said that Bitcoin generates prosperity which in turn benefits the environment. So indirectly the US senator replied to the Bitcoin critics, who keep criticizing Bitcoin for its high energy consumption because of the Proof-of-work model.
“If you look at the environment, pollution is directly connected to poverty. The poorer a community is, the more dirty the energy is they produce,” Cruz said.
According to a US Senator, Bitcoin mining gives incentives, which can be further used to incentivize renewable energy generation.
The Republican Senator indirectly said that Bitcoin mining gives decentralized nature to the Bitcoin network because it distributes the regulation and optimization of power distribution.
Earlier in April of This year, Cruz said that he is a big supporter of Bitcoin because it is acting as a hedge against inflation.
Before that, in February of this year, Cruz disclosed that he invested around $50,000 in Bitcoin. At that time he said that Bitcoin has the potential to secure huge growth because it has potential.