US Senator Ted Cruz says he knows what the single greatest threat is to Bitcoin (BTC) and the overall crypto industry.
In a new interview on the Verdict Podcast, Cruz says that the biggest hazard the crypto markets face is lawmakers in Washington who don’t know what they’re doing.
“I think the single greatest threat to Bitcoin and crypto is Washington politicians screwing it up, and it is a very real threat.”
However, Cruz notes that one mistake his colleagues are making is actually speeding up the rate of adoption of the top crypto asset by market cap, but hurting Americans at the same time.
“The massive spending in Washington is what is fueling the inflation that is hurting the American people so profoundly right now and it is one of the things that is fueling the move to Bitcoin…
One of the reasons that you are seeing people move to Bitcoin is a hedge [against] inflation. That Bitcoin, by design, cannot go over 21 million BTC. It’s a finite sum…
Currency gives the relative values of a good or service vis a vis another. When you have politicians devaluing everyone’s goods and services, they look for other ways to store value. It’s why people in times of inflation are drawn to gold or silver or real estate or commodities, other hard assets as hedges to inflation.
So I am a big proponent of Bitcoin.”
Bitcoin is exchanging hands at $40,455 at time of writing, a 6.5% drop from its seven-day high of $43,337.
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