Ted Cruz on Why Elizabeth Warren Hates Bitcoin

Elizabeth Warren U.S. Senator in the past stated, Cryptocurrencies are not a real path toward financial equality, thus criticizing the industry for the fact that Bitcoin is even more closely held by the wealthy than dollars.

Ted Cruz:  Why does Elizabeth Warren hate Bitcoin?  For the same reason, that Xi and China hates Bitcoin: neither one of them can control it.

Ted Cruz, Represents the great state of Texas in the U.S. Senate:  Why do they hate Bitcoin? Because they can’t control it. It is a system of currency outside of the monopoly controlled by the US government. And, what I have got to say is I have addressed it.  I spoke at a big crypto conference in Austin Several months ago.  And, I said, you need to understand this administration I believe is going to go after you and it is going to try to destroy you.

And, by the way that is a pattern of authoritarians.  China – communist China Outlawed Bitcoin for the exact same reason why does Elizabeth Warren Hate Bitcoin – for the same reason that Xi in China Hates Bitcoin. Because neither one of them can control it and the theme through all of this is the power of freedom to be not subject to the arbitrary whims of those in government power.

Community response:  I do not understand cryptocurrency. What I understand is that an imaginary currency in an imaginary denomination. No guaranteed minimum value by any govt. To be purchased in a hope that someone will buy at a higher price. And why someone will buy at a higher price, is unknown.

I don’t think of bitcoin as currency (though some use it as such). I think of it like digital gold/real estate. A scarce asset that transcends across scale/time better than any other hard asset. Thoughts?

The appeal of it is that no government controls it. Think about the dollar. The more you defend it and use it, the more the government can print/borrow to fund wars and control not just its citizens but countries around the world. If you’re against any of that, try use less of it

You do understand USD?  Its imaginary and is not backed by anything.  Its further more printed in unimaginary large numbers.  Bitcoin on the other hand is 21 million. Nothing can alter that fact.  Now. What does this mean to you?

Imagine a system of value with no limit on production, entirely based on IOU’s, which is arbitrary that depends on how much of it the powers that will be feeling like printing up for themselves.

Fiat must be unsolved mysteries material then.