Republican U.S. Senator Ted Cruz has declared that he has no problem with Bitcoin being accepted as a legal tender. He added that the cryptocurrency is incredible and blossoming.
The lawmaker has been an open supporter of Bitcoin and other digital currencies, and he has also invested heavily in digital assets. And he also championed the fight against harmful regulations on cryptocurrencies following the introduction of the Infrastructure Bill.
The senator represents Texas, one of the most crypto-friendly states. And it has thrived so well as a stronghold for Bitcoin due to its abundant energy availability. The senator, in a tweet, once stated that he wants Texas to be the “ground zero” for cryptocurrencies. Apart from Cruz, Greg Abbott, the governor of the state, has been a huge lover of cryptocurrencies and worked with Cruz to promote Bitcoin in Texas.
Can Bitcoin Really Become A Legal Tender In The U.S?
Adopting Bitcoin as a legal tender has been discussed in some states, including Arizona and Texas, where Cruz comes from. However, it hasn’t gone the way up to the federal echelon.
The government is still more focused on creating a central bank digital currency (CBDC) that will make them competitive against rival governments.
Moreover, until lately, when they started working on a regulatory framework for the industry, the U.S. government has shown little interest in cryptocurrencies.
But in light of the rapid progress that the cryptocurrency industry has undergone in the past years, leaping from a market capitalisation of around $14 billion to over $2 trillion, President Joe Biden’s administration released the first executive order for the nascent asset class.
Bitcoin Adoption Across The World
El-Salvador was the first nation to adopt Bitcoin as legal tender but is certainly not the last. And recently, Mexico, Madeira, and the city of Honduras have also taken significant steps to adopt Bitcoin as legal tender.
This is due to Samson Mow’s efforts, a man who believes in Bitcoin and its potential to revolutionise the world, just like Ted Cruz. With such enthusiasm from key individuals worldwide, it’s only a matter of time before Bitcoin is adopted by more powerful countries, including the United States.