Benzinga - U.S. Sen. Ted Cruz has shown great enthusiasm and bullishness toward Bitcoin (CRYPTO: BTC), stating that he is excited about the cryptocurrency's potential and especially its role as the dominant player in the crypto market.
The Texas Republican said the analogy of digital gold is powerful and the insight that led to its creation is extraordinary, speaking Wednesday at the Bitcoin Policy Summit.
What Happened: Cruz revealed that he is a personal investor in Bitcoin and owns slightly more than 2 Bitcoin.
He also disclosed that he has a standing order to purchase more Bitcoin every Monday morning and is willing to withstand the volatility that comes with the long-term investment.
Furthermore, he is confident the 21-million Bitcoin cap is a firm number.
Cruz said he sees Bitcoin as an important check against inflation, especially when politicians in Washington spend money irresponsibly.
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Bitcoin's decentralized nature makes it far less susceptible to government controls, which is why it is so powerful, he said.
Cruz said the Chinese government's dislike of Bitcoin is one of the reasons he likes it.
"I bought the dip which I was quite happy with, and I am also a long-term investor, so I am fine with some volatility, and I recognize there are going to be ups and downs, but 21 million is a firm number."
One of the Bitcoin attractions for many is as a hedge against inflation, he said.
"Particularly when you have your responsible politicians in Washington that spend money like drunken sailors, which is at least not fair to the sailors as they spend their own money, and they print trillions and trillions of dollars. We see inflation all across the country driven by this spending binge that happened in the last two years in Washington that unleashed significant inflation," he said.
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