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Ted Cruz wants Capitol Hill to start accepting Bitcoin

Ted Cruz wants Capitol Hill to start accepting Bitcoin

TL;DR Breakdown

  • U.S. Senator Ted Cruz has introduced legislation that would encourage companies in the Capitol Hill area to accept Bitcoin by working with payment processors that are open to accepting Bitcoin.
  • If his resolution passes, it would give lawmakers their first significant chance to utilize Bitcoin as a payment mechanism in their everyday lives.
  • For quite some time now, Cruz has been an enthusiastic supporter of the cryptocurrency known as Bitcoin.

Sen. Ted Cruz, a Republican from Texas, has put up a resolution that would ask businesses located in and around Capitol Hill to collaborate with payment processors that are willing to take Bitcoin.

Cruz made these claims in a statement that was made public on January 26. He added that cryptocurrency is creating new employment, motivating entrepreneurs to develop new values, establishing new hedges against inflation, and presenting new chances. In 2021, he submitted the very first resolution he had written about the issue.

A possible gain for the state of Texas, which has been at the forefront of the business since China’s ban on bitcoin mining and the consequent exodus of hash rate in 2021, Senator Cruz views the advantages of bitcoin mining as a potential bonanza for the state of Texas.

What Bitcoin could do at the Capitol

Even while the initiative to allow Bitcoin to be used as payment at vendors may not seem significant at first glance, should it be approved, it would provide members of Congress with their first major opportunity to use BTC as a payment method on a daily basis.

People who have not seen BTC being used in a payments situation may find the notion to be somewhat abstract; hence, simple resolutions such as this one have the potential to sway the opinions of politicians who are on the edge. In order for the resolution to go into effect, it will first need to get approval from both the House of Representatives and the Senate.

Over the course of time, the state of Texas has evolved into a hub of activity for the mining of cryptocurrencies such as BTC. Cruz is generally supportive of this sector of the economy.

Following his excursion to a mining site over the previous summer, the Senator expressed his satisfaction at taking the initiative in the Senate to advocate for the cryptocurrency industry.

Throughout the years, Cruz has always been one of the most outspoken supporters of Bitcoin. To be more specific, the senator has taken a stand in favor of Bitcoin’s decentralization, claiming on Twitter that many on the left despise Bitcoin because they are unable to exert control over it.

Additionally, it was alleged that Cruz made an investment in the largest crypto at the beginning of the previous year that was somewhere between the range of $15,000 and $50,000.

Jai Hamid

Jai Hamid

Jai Hamid is an enthusiastic writer whose current area of interest is the blockchain sector. Whenever she is not reading or writing, you can find her tending to her plants in the garden. She strongly believes that crypto is going to transform the world for the better.

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