Ted Cruz CPAC

Decentralization: Why Ted Cruz Is so Bullish on Crypto

Senator Ted Cruz spoke at CPAC yesterday, delivering his trademarked passionate and conservative rebuke against the left. In it, he discussed crypto in general and Bitcoin in particular, highlighting the decentralized nature of blockchain currencies.

It’s why he’s bullish on it. Watch:

“We need to decentralize, we need to break it apart. So, one of the reasons why I am so bullish on crypto, on Bitcoin, is because it is decentralized and not controllable. And let me give a fantastic example.

“So Justin Trudeau said, ‘I don’t like me some truckers, so we’re going to seize your assets.’

“So then the court went to try to seize the crypto that was being given to the truckers. And I don’t know how many of y’all saw a letter that I actually want to read from. It’s a letter from a company, a Bitcoin company called Nunchuck. Here’s part of the letter:

Dear Ontario Superior Court of Justice.

Our software is free. We do not collect any user identification information beyond email addresses. We also do not hold any keys. Therefore, we cannot freeze our users’ accounts.

We cannot prevent them from being moved. We do not have the knowledge of the existence, nature, value and location of our users’ assets. This is by design. Please look up how self-custody and private keys work. When the Canadian Dollar becomes worthless. We will be here to serve you, too.

“That is spectacular. By the way, contrast that to the craven, sniveling response of corporate America. When others, when some whiny snowflake tweets at them, it’s like, oh my God, I’m sorry. I’m sorry. I’m sorry, sir. Like, God bless you saying to the government, ‘go jump in a lake.’

“That’s how our country was founded. That is powerful. By the way, that is also why China recently banned Bitcoin. Because they can’t control it, which is the exact same reason Elizabeth Warren hates Bitcoin. The Chinese communists and Elizabeth Warren, they both want to control you. Your assets, your savings, your speech, your life, your children, every decision they want to control and so we need to break up the means of controlling the citizenry.”

There are pros and cons to digital currency. I’m not nearly as bullish as Cruz simply because I am concerned about the implications of digital currency that government can and likely will eventually control. The benefits that decentralization bring today are immense, but a future iteration in which the powers-that-be control the flow of digital currency has Biblical ramifications. With that said, I believe in today’s version of cryptocurrency. If it can survive without being taken over by government, I’m all for it.