Senator Ted Cruz Champions Bitcoin as 2024 Election Nears

As the 2024 presidential election approaches, several U.S. politicians are voicing their opinions on Bitcoin. One of the most vocal supporters is Ted Cruz, the junior U.S. Senator from Texas.

On August 12, Cruz attended an event hosted by the Texas Blockchain Council (TBC) at a Core Scientific mining facility in Denton, Texas. During his speech, Cruz expressed his strong support for Bitcoin, stating, “God bless Texas, and God bless Bitcoin.” He also emphasised his commitment to the crypto community, both in Texas and across the country.

Endorsement from Texas Blockchain Council

The Texas Blockchain Council officially endorsed Senator Cruz in his re-election campaign. Lee Bratcher, President of TBC, highlighted the importance of having leaders like Cruz, who understand the need for a regulatory environment that fosters innovation without unnecessary government interference.

Challenges Facing Bitcoin in the U.S.

Despite the enthusiasm for Bitcoin in certain circles, Cruz acknowledged the significant challenges facing cryptocurrency in the United States. He specifically pointed to figures like U.S. Senator Elizabeth Warren, who has been critical of Bitcoin and other digital assets.

Warren’s introduction of the Digital Asset Anti-Money Laundering Act reflects her concerns about the potential misuse of cryptocurrency. Additionally, Cruz mentioned that U.S. Securities and Exchange Commission Chair Gary Gensler also poses a threat to Bitcoin, given his scepticism towards the digital asset.

Texas as a Hub for Bitcoin Mining

Cruz believes that Texas is becoming a haven for Bitcoin miners and crypto entrepreneurs, thanks to the state’s supportive environment and love of freedom.

According to data from the TBC, Texas hosts the largest number of Bitcoin miners in the U.S., with over 2,000 miners operating across the state.

The state's economic growth, particularly in sectors like cryptocurrency mining, further cements its status as a leader in this industry.

Other States Competing in Crypto Innovation

While Texas is at the forefront, other states are also making moves to attract cryptocurrency holders and miners. For instance, Oklahoma recently passed a law granting residents the right to self-custody their digital assets and mine cryptocurrency at home.

Florida has also been recognised as a favourable state for cryptocurrency taxes. Cruz hopes that Texas will continue to outpace other states in terms of crypto innovation.