Senator Ted Cruz (R-TX) has recently made the decision to accept Bitcoin (BTC) as part of his campaign fundraising efforts. In an interview with Forbes, he expressed his bullishness on Bitcoin and stated, “I am proud to accept bitcoin campaign donations.” This move by Senator Cruz showcases his support for the cryptocurrency and demonstrates his willingness to embrace innovative fundraising methods.
Bitcoin on Cruz’s Official Website
Cruz’s official website now prominently features the Bitcoin logo on its front page, allowing supporters the option to donate in crypto. To facilitate these transactions, the Senator is utilizing BitPay, a well-known crypto payment processor. BitPay enables seamless payments in Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), while also providing the option for instant conversion to USD. This integration of Bitcoin into Senator Cruz’s campaign represents his acknowledgment of the growing importance and widespread acceptance of cryptocurrencies in various sectors.
Political Figures and Cryptocurrencies
Senator Cruz is part of a growing trend among political figures who are embracing cryptocurrencies. Earlier this year, mayors from Miami and New York City, representing different political affiliations, decided to receive their paychecks in Bitcoin. This decision sparked interest and encouraged other mayors to consider similar actions. If Senator Cruz’s acceptance of Bitcoin donations proves successful, it may motivate other politicians to follow suit, potentially triggering broader adoption of cryptocurrencies within the political landscape.
It is worth noting that cryptocurrency support is not strictly partisan. Senator Kirsten Gillibrand (D-NY) co-sponsored a crypto bill with Senator Cynthia Lummis (R-WY), demonstrating bipartisan interest in legitimizing the industry and establishing clear regulations. Similarly, Representative Ritchie Torres (D-NY) wrote an essay titled “A Liberal Case for Cryptocurrency,” which emphasized the benefits for underprivileged communities and questioned the power dynamics associated with Wall Street. The bipartisan support for Bitcoin was evident during the recent Bitcoin 2023 conference in Miami, where politicians from diverse backgrounds, including current and former presidential candidates such as Tulsi Gabbard, Robert Kennedy, and Vivek Ramaswamy, delivered speeches.
Concerns about Central Bank Digital Currencies (CBDCs)
While the acceptance of cryptocurrencies by politicians is gaining traction, there are many who remain skeptical, particularly in light of the Biden Administration’s initiatives towards implementing a Central Bank Digital Currency (CBDC). Senator Cruz has expressed concerns about the potential surveillance capabilities of CBDCs, drawing parallels to the failed efforts behind the Biden Administration’s Build Back Better bill. He believes that the government’s monitoring of transactions above $400 through CBDCs would infringe upon the financial privacy of the American people.
Senator Cruz’s concerns align with the broader resistance to CBDCs among Americans. According to a CATO Institute survey, 74% of respondents oppose CBDCs as a replacement for traditional currency. In fact, Florida Governor Ron DeSantis recently signed a bill banning the use of CBDCs in the state. The bill, known as SB-7054, not only prohibits the use of a CBDC as money within Florida but also restricts the use of CBDCs issued by other governments. Governor DeSantis expressed concerns about the potential control and surveillance that CBDCs could enable, citing examples such as preventing individuals from purchasing gas to combat global warming or tracking firearm purchases.