U.S Senator Ted Cruz says he has no problem with Bitcoin becoming a legal tender in the United States.
Republican U.S Senator Ted Cruz says he is fine with the United States making bitcoin a legal tender. The vocal Bitcoin proponent said the industry is “an incredibly blossoming industry,” a claim most people would agree with.
Ted Cruz has been a vocal supporter of Bitcoin and an investor in the digital currency for a long time and has pursued legislation that favors Bitcoin in his own capacity. Following the introduction of the Infrastructure Bill, Cruz championed a fight to remove harmful regulations hurting cryptocurrencies from the bill.
Texas, the state he is representing in the Senate, is one of the most crypto-friendly states in the country, and given the abundant energy available in the state, Cruz, in a tweet, said it should be “ground zero” for cryptocurrencies. The state governor, Greg Abbott, is also a Bitcoin proponent and has worked closely with Cruz about Bitcoin promotion in Texas.
Bitcoin as legal tender in the U.S
The question of making Bitcoin legal tender has come up in some states, such as Arizona and Texas, where Cruz comes from. However, the debate has hardly come up at the federal level.
Instead, the government is still just considering the creation of a central bank digital currency (CBDC) to remain competitive against rival governments. In addition, the country has generally been reluctant about cryptocurrencies and only recently started working on a regulatory framework for the industry.
However, following the rapid growth of digital currencies over the last five years, from a valuation of $14 billion to over $2 trillion in the last five years, President Joe Biden’s administration released the first of its kind executive order for the nascent asset class.
Meanwhile, El Salvador, a Latin American country, has since made Bitcoin a legal tender, a move that has faced resistance from the World Bank and criticism from the International Monetary Fund (IMF) and some senators from the U.S.
Although there are pro-Bitcoin lawmakers like Cruz in the U.S, there are more anti Bitcoin lawmakers, which makes the question of Bitcoin becoming a legal tender quite far-fetched, at least for now.
Bitcoin seeing state adoption
El-Salvador was the first nation to adopt Bitcoin as legal tender but is certainly not the last. The Crypto Basic recently reported that Mexico, Madeira, and the city of Honduras have moved to adopt Bitcoin as legal tender.
This is due to Samson Mow’s efforts, a man who believes in Bitcoin and its potential to change the world, just like Ted Cruz. With such efforts, though, more countries are likely to adopt the top digital currency in the future, including the United States, which currently stands against the move.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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