United States Senator Ted Cruz believes that Bitcoin and BTC mining are beneficial to both the economy and the environment.
Cruz says at the Texas Blockchain Summit event that Bitcoin generates prosperity which in turn benefits the environment.
“If you look at the environment, pollution is directly connected to poverty. The poorer a community is, the more dirty the energy is they produce.
If you’re driving a brand new Tesla, that’s great. But if you don’t have the money to afford one that doesn’t help.
What’s exciting about Bitcoin also is, that’s a room [Texas Blockchain Summit event at Austin] full of entrepreneurs. That’s a room full of people that are providing for their family. And that prosperity is a net positive for the environment as well.”
According to Cruz, the mining of crypto assets is a “big net plus” for the environment as it incentivizes renewable energy generation while capturing energy that would otherwise be wasted is utilized.
“I think cryptocurrency is a net plus for the environment. In fact, a big net plus for the environment. Being able to unlock a lot of renewables is really important for the environment. I think being able to take stranded natural gas and put it to productive use is a big positive for the environment.”
The Republican Senator also says that Bitcoin mining also helps in the regulation and optimization of power distribution.
“Because of the ability of Bitcoin mining to turn on or off instantaneously, if you have a moment where there’s a power shortage and a power crisis, whether it is a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid.”
Earlier this year, Cruz said that he was a “big proponent of Bitcoin” saying that it was serving as an inflation hedge.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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