Texas Senator Ted Cruz has recently thrown his weight behind the bitcoin mining industry, signaling his support to the nascent sector of the crypto space. This is a major opportunity for the industry to benefit from the support of a prominent politician. Here’s what you need to know.
Senator Cruz recently tweeted that he supports the mining industry as a key part of Satoshi’s original vision for the cryptocurrency. For those that don’t know, Satoshi Nakamoto is believed to have been the inventor of Bitcoin. Cruz’s tweet acknowledged the fact that “Bitcoin miners are the backbone of our ecosystem” and he encouraged the industry to “build up the technology that will fuel this new revolution” going forward.
Cruz’s proclamation is a major boon for the industry. Politicians rarely support technology that is both controversial and still in development, so this public endorsement means that the sector will receive extra attention in the near future. It is also a sign that the industry is beginning to take a more prominent role in mainstream business and politics.
Additionally, Cruz’s move sends a signal to advocates and investors of the cryptocurrency space that the industry is legitimate and worthy of investment. This is a major accomplishment for a sector that has been often lambasted by political and financial pundits. By lending his support to the industry, the Texas Senator is sending a message that it is no longer just the hobby of techies, but rather a legitimate business sector deserving of respect.
Finally, it is worth noting that this endorsement comes at an interesting time for Bitcoin. The cryptocurrency is currently hovering around the $11,000 mark and is enjoying a period of relative stability compared to this past summer. Notably, the US Securities and Exchange Commission is currently reviewing an application from VanEck and SolidX, who filed for a Bitcoin-based exchange-traded fund back in June — meaning that if approved, the ETF would be the first of its kind in the US market.
Given the current momentum behind the industry, it would be difficult to find a better endorsement than Senator Cruz’s. His support for the industry is likely to boost investor confidence and encourage more political leaders to embrace the technology. As the industry continues to mature, expect to see more politicians getting behind the trend.
