Bullish on Bitcoin, US Senator Ted Cruz wants Texas to be a crypto oasis

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US Senator Ted Cruz wants to make the US state of Texas an oasis for Bitcoin (BTC) and other cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician explained how the crypto industry can be strategic for the energy supply and technological development of the United States.

Cruz argued that Bitcoin mining could be used to monetize the energy created by oil and gas extraction, pointing out that mining activity can be used as an alternative energy storage and supply:

“The beauty of it [Bitcoin mining] it’s when you have a substantial investment, like we do in Texas and bitcoin mining, when you have an extreme weather event, either extreme heat, which is common in the state of Texas, or a extreme cold, which sometimes happens here, Bitcoin mining can go out in a fraction of a second. Make that electricity immediately available on the grid to heat or cool people’s homes, to run businesses. It’s a huge reservoir of excess capacity which I think is very beneficial.”

The senator pointed out that Texas has abundant, relatively inexpensive energy and embraces free enterprise, making the Lone Star State an attractive location for the US crypto industry. Cruz also explained why he describes himself as an enthusiastic Bitcoin fan:

“I like bitcoin because the government can’t control it.”

The Republican lawmaker also said he makes weekly purchases of Bitcoin, the only cryptocurrency in his wallet. He noted:

“I think bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the boom in bitcoin mining in Texas has a huge positive benefit to network resilience.”

Texas is one of the fastest growing crypto mining hubs in the United States. In August, its Comptroller’s Office took a pro-crypto stance, emphasizing the benefits of the state hosting miners.

The Comptrollers Office wrote that unlike manufacturing facilities or industrial chemical plants, which can be expected to exist for decades, cryptocurrency mining facilities do not impose long-term electrical demands on the grid.

The Cointelegraphs team was on the ground at the Texas Blockchain Summit. Learn more about the event by reading our recap.

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