U.S. Senator Praises Bitcoin for Its Decentralisation

Texas Republican senator Ted Cruz, in a speech at the Conservative Political Action Conference (CPAC), highlighted Bitcoin’s decentralisation.

One of the reasons I’m bullish on #Bitcoin is because it’s decentralized.

The Left hates Bitcoin because they can’t control it. #CPAC2022 pic.twitter.com/D4PYNacNBZ

— Ted Cruz (@tedcruz) February 25, 2022

The politician stressed that no one can control the first cryptocurrency. As an example, he cited the situation in Canada, where, amid protests, invoked the Emergencies Act.

The authorities ordered banks, as well as crypto exchanges and custodial services, to freeze the accounts that received donations in support of the protesters. 

Such a directive was received by the team behind the non-custodial wallet Nunchuck. They proposed that the government familiarise itself with the concept of non-custodial wallets and private keys. Cruz called their response ‘impressive’ and read it aloud during his CPAC speech. He also reminded about the ban on cryptocurrencies in China.

Earlier, Wyoming Senator Cynthia Lummis proposed that the Fed direct a portion of its currency reserves toward purchasing digital gold.

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