United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto industry can be strategic for the U.S. energy supply and technological development.
Cruz argued that Bitcoin mining could be used to monetize energy created from oil and gas extraction, rather than burning it. In addition, he emphasized how mining activity can be used as an energy storage and supply alternative:
The Senator highlighted that Texas combines abundant and relatively low-cost energy, as well as embracing free enterprise, which makes Texas an attractive state for crypto industry development in the US. Cruz also unveiled the reason why he described himself as an enthusiastic fan of Bitcoin:
The republican lawmaker admitted to purchasing Bitcoin weekly, the only cryptocurrency in his portfolio. He also noted:
Texas is one of the fastest growing crypto mining hubs in the United States. In August, its Comptroller's office revealed the state's pro-crypto stance, intending to host long-term miners and operators in a newsletter.
Clarifying the general misconception about Bitcoin’s energy usage, the fiscal note highlighted that unlike “manufacturing facilities or industrial chemical plants, which can be expected to be around for decades,” cryptocurrency mining facilities do not place big electrical demands on the grid.
Cointelegraph's team was on the ground at the Texas Blockchain Summit. Learn about the event reading our recap.Read more on cointelegraph.com