Senator Ted Cruz campaigned for Bitcoin (BTC) again at his Conservative Political Action Conference (CPAC) address on Friday, praising its decentralization. Cruz believes Bitcoin is a good investment since it is extremely decentralized and cannot be controlled by any government or institution. He went on to mention an ongoing situation in Canada, where the government has used emergency legislation in reprisal for the Freedom Convoy truckers' protest against COVID-19 regulations.
The Canadian government instructed financial institutions and banks to freeze protestors' accounts, followed by an order to crypto exchanges and crypto wallet service providers to do the same. Nunchuck, a non-custodial wallet service provider, got a similar request, and its answer to the government went viral, making its way to the CPAC through Cruz.
Cruz read the answer of the Bitcoin wallet service provider, which requested the Canadian government to educate itself about self-custody wallets and private keys. The statement also said that Nunchuck does not have access to any of its users' financial information other than their email address, which is by design.
Senator Ted Cruz has joined the increasing number of American politicians who have thrown their support behind Bitcoin. He has campaigned for the use of natural gas to power Bitcoin mining in Texas and even purchased the dip, but his claim that the Left is anti-Bitcoin was met with skepticism on Twitter, citing Canadian Prime Minister Justin Trudeau as an example. One user on Twitter says that "Bitcoin is apolitical" and that trying to look at it as a left vs. right issue is bad.
While there are legislators working at the judicial level to modify the legislation to allow Bitcoin acceptance, the bulk of them appear to be focused on exploiting it as a tool for their political campaigns.