US Senator now stated he bought Bitcoin as it's decentralized and uncontrollable

Earlier this month, US Senate New Financial Disclosure mentioned Senator from Texas state Ted Cruz buying bitcoin

On Thursday, the Conservative Political Action Conference was held, considered the largest and most influential conservatives gathering in the world. US Senator Ted Cruz was also present and delivered his speech at the conference. His speech also puts his thoughts about Bitcoin and the reason for his buying of cryptocurrency.

Ted Cruz stated that one of the reasons he is so bullish on crypto and bitcoin is decentralized, and no one can control it.

Decentralized nature saved assets from being frozen

Further, he explained his statement by giving an example when recently Canadian Prime Minister Justin Trudeau announced to freeze assets of some truck drivers as issues were going with them. After that, the court tried to freeze the crypto accounts of those truckers.

Proceeding ahead, Ted read out a letter that Nunchuk, a bitcoin wallet company, sent to Ontario Supreme Court Justice. The letter was a reply to the order from the court to freeze the assets and disclose the information related to the accounts of those involved in the Freedom Convoy Movement initiated by truck drivers in Canada.

As Ted put in the letter, the Nunchuk team explained that the firm is a self-custodial collaborative multi-sig Bitcoin wallet. The letter also cited a software provider for crypto wallets, not a custodial financial intermediary who has access or control over the accounts.

The company said they could not freeze their users’ assets just like that, nor could they prevent them from being moved. They don’t know about the existence, value, nature, or location of the user’s assets, and it’s because of its decentralized nature.

Lastly, the letter ended with the company urging the court to examine how self custody and private keys work.

Finishing the letter and while putting it back in his pocket, Senator Ted exclaimed and said that was spectacular.

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Uncontrollable nature explained

In a further part of his speech, Ted Cruz explained the uncontrollable nature of bitcoin. Ted said that China banned bitcoin recently because they could not control it, and it’s the same reason that Elizabeth Warren, another US Senator, hated bitcoin as it’s uncontrollable.

Ted said the Chinese communists and Elizabeth Warren both want to control your assets, savings, life, speech, children, every decision you make, and everything you do in your life they want to control. They want to do it so they can prevent you, and that’s why we need to break those means of citizenry control.

Pro Crypto politician Ted Cruz has been a keen supporter of cryptocurrencies, especially bitcoin, and he has put his positive stances from time to time. In February, he also declared about his buying of BTC, whose amount, although not disclosed but could be between the worth of $15001 to $50,000.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing