Thursday, December 7, 2023

Bitcoin is decentralised and uncontrollable, according to a US senator.

It is well known around the world that bitcoin promotes the decentralization of finance. It breaks down the monopoly that individual or group entities have over-controlling huge amounts of money. Asserting this belief, US senator Ted Cruz has recently declared his allegiance towards bitcoins. He says that they are uncontrollable. He was addressing the CPAC when he pointed out that one of the main reasons he supports bitcoin is that its both decentralized and resists monopoly.

Cruz’s reasoning

Ted Cruz says that there is primary reasoning behind China banning the coin as well as its mining. The reason is that the whole production, mining, and exchange of bitcoins breaks down financial hegemony. He also cited the example of a bitcoin servicer, Nunchuck who refused to freeze the financial assets of truckers even after being directed by the central court of Canada. Nunchuck explained that they are not a firm that can be directed to do something that is fundamentally against what their identity is based on. The court had issued orders for asset freezing on the direction of Canadian PM Trudeau.

Cruz also gave the example of Elizabeth Warren to support his idea that people who shun bitcoins are the ones who are afraid of handing over direct financial/wealth control to people. Cruz himself is a huge investor in bitcoins and it seems natural that he would align with pro bitcoin ideas. However, his alliance with bitcoin support seems just and true. Only time will tell, how DeFI can empower people,

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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