Texas Senator Ted Cruz says he remains bullish about the cryptocurrency market. At a conference he attended, he shared the cryptocurrency he bought on the decline while criticizing US regulators.
Ted Cruz explains the right ‘cryptocurrency’ investment strategy
The US Senator shared his personal investment strategy and long-term outlook at a recent conference. Cruz stated that he buys Bitcoin every Monday and recently made an “additional purchase from the bottom” during the price drop. The pro-crypto politician believes that Bitcoin is the “alpha in the crypto space.” In his statements, he said that he wants to buy more BTC next Monday.
Ted Cruz’s remarks came from a Bitcoin policy summit hosted by Swan Bitcoin on Wednesday. It was among his other statements that Bitcoin trusts its limited supply of 21 million, is strong against inflation, and can tolerate volatility in the long run.
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Ted Cruz ‘ultra bull’ on Bitcoin
Cruz later shared that Bitcoin (BTC) is still bullish. He said that Bitcoin contains an important function against money printing and is particularly exempt from government control. The politician has a pending buy order every Monday morning. He also currently holds about 2 BTC. Cruz sees BTC as a long-term investment vehicle. In the 52-year-old Republican’s own words:
I bought the bottom, which I’m quite happy with, and I’m also a long-term investor, so I’m okay with a bit of volatility and I know there will be ups and downs, but 21 million is a solid figure.
Cruz advocates Bitcoin over CBDC
The senator maintains his support for Bitcoin despite the opposition from governments such as Russia and China to cryptocurrencies. In particular, he had garnered a lot of media attention with a proposal advocating the mandatory making of crypto payments on Capitol Hill. He also disagrees with the idea that a national CBDC should be established. In this regard, he expressed his views on privacy concerns. Cruz argues that Bitcoin should be used instead of CBDCs.
Additionally, Cruz supports the combustion of waste gas to power crypto mining. A recent Texas law prohibited the Texas Electricity Reliability Council from paying miners to limit their energy use.
The latest situation in the cryptocurrency market
cryptocoin.com As you follow, BTC is busy making up for losses caused by rumors that later turned out to be false. However, Bitcoin’s recent decline has led to a massive liquidation of long traders. Bitcoin’s long liquidations on April 26 rose to its highest level ever in a month.
The liquidations also triggered a sharp drop in estimated leverage as leveraged positions quickly moved away from being prudent.
Bitcoin has rallied slightly above $29,995 in the past few hours. The altcoin market is also down 2% on average during the day, as is the case with Bitcoin.
