In an interview with Fox News show “Hannity”, Texas Senator Ted Cruz says the rising purchase of bitcoin is a sign that people are expecting a major inflation crisis on the American economy.
Previously, his fellow senator, Elizabeth Warren from Massachusetts, has released a statement about bitcoin and described it as a “lousy investment” and a “disaster for the planet.”
Senator Cruz also mentioned in the Hannity interview that he believes the Biden administration is deliberately weakening the U.S. government.
Using bitcoin as a protection
According to the senator, the rise of bitcoin adoption is a clear sign of fear among citizens and they are using bitcoin to protect themselves from the effects of increasing inflation.
“I think people are going to bitcoin as a hedge against [inflation].”
Americans today are experiencing rising inflations from all sides starting from oil, gas, energy, and even lumber. And it’s obvious that everybody expects that more commodities’ prices will go up soon.
Sean Hannity, the show’s host, has also asked Cruz about the latest buzzwords such as “bitcoin”, “blockchain”, and “dogecoin” to educate the public on how these things are creating big impacts on society.
The host added that he was also studying these fast-rising trends and even debating them with his friends. The conversation between the two also revolved around Nord Stream 2, diplomacy, and Russia.
More about Ted Cruz
Ted Cruz, whose full name is Rafael Edward Cruz, was reelected at the U.S. Senate in 2012 and represented Texas since 2013.
In 2003, at the age of 32, he became a solicitor general of Texas, and was the youngest in American history, to hold such a post.
Image courtesy of Cointelegraph News/YouTube
