Here’s what poses the greatest threats to Bitcoin (BTC) and crypto assets, according to US Senator Ted Cruz
US Senator Ted Cruz says he knows what the biggest threat to Bitcoin (BTC) and the entire crypto industry is.
In a new interview on the Verdict Podcast, Cruz says the biggest threat to crypto markets is Washington lawmakers who don’t know what they’re doing.
“I think the biggest threat to bitcoin and crypto is Washington’s politicians screwing it up and it’s a very real threat.”
The biggest threat to #Bitcoin and crypto is Washington’s politicians screwing it up.
In the latest episode of #Verdict, I discuss why I’m a huge supporter of #Bitcoin and crypto. @yaf https://t.co/4piKs7B06Z pic.twitter.com/0qo5PYowkg
— Ted Cruz (@tedcruz) April 13, 2022
However, Cruz notes that one mistake made by his peers is to accelerate the adoption rate of the top crypto asset by market cap, while hurting Americans at the same time.
“The massive spending in Washington is what’s driving the inflation that’s hurting the American people so deeply right now, and it’s one of the things that’s driving the transition to bitcoin…
One of the reasons you see people switching to bitcoin is for hedging [against] Inflation. This bitcoin cannot exceed 21 million BTC. It’s a finite sum…
Currency indicates the relative values of one good or service versus another. When politicians devalue everyone’s goods and services, they look for other ways to store value. That’s why, in times of inflation, people are drawn to gold or silver or real estate or commodities, other hard assets as a hedge against inflation.
So I’m a big proponent of bitcoin.”
Bitcoin is trading at $40,455 at the time of writing, down 6.5% from its seven-day high of $43,337.
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