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Once again, Sen. Cruz made his intentions on US adoption of bitcoin known on Friday during his Conservative Political Action Conference (CPAC) speech. The respected Republican senator has joined the league of American politicians to call for the US adoption of Bitcoin.
Cruz expressed confidence in bitcoin’s supporting technologies, stating that the cryptocurrency is highly decentralized and out of the reach of government and financial institutions. The senator referred to the recent unrest in Canada, where the Ontario provincial government implemented an emergency law to retaliate against the Freedom Convoy trucker’s protest against the government’s COVID-19 restrictions.
The Ontario Unrest
The Superior Court of Justice has ordered the Ontario provincial government in Canada to freeze donations worth millions of dollars made on the GiveSendGo platform and prevent the funds from reaching the Freedom Convoy’s protesters. This will be the second time the apex court ordered the government to restrict the trucker’s access to funds donated on their behalf.
The recent attempt by the government to prevent the protest by restricting access to funds is related to the donations made on the GiveSendGo fundraising platform pages of “Adopt-a-Trucker” and the “Freedom Convoy 2022”. “Adopt-a-Trucker” had on Thursday raised a sum of USD$686,000, while “Freedom Convoy 2022” had received USD$8.4 million.
The funds raised, as shown above, were all seized by the Canadian government. The government specifically demanded banks and financial service providers or institutions freeze all protesters’ accounts. The government’s demands to the banks were also followed by an order to crypto exchange platforms and crypto wallets service providers to act alongside.
I Believe in Bitcoin
Cruz categorically stated that one of the reasons he is confident in bitcoin is its decentralized nature. He regretted that the leftists, who are in power in the US, hate bitcoin simply because they can’t control it and determine who gets what and how.
The senator’s positive feeling for the adoption of bitcoin in the US was heightened by a response Nunchuck – a crypto wallet service provider, gave to the Canadian government when it was ordered to freeze protesters’ crypto wallets, a response the senator described as “spectacular”. Nunchuk notified the Canadian government that they don’t have access to their users’ accounts’ financial information aside from users’ email addresses.
Supporting Cruz, OpenNode – a bitcoin payment processor, explained that one of the too many benefits of Bitcoin is its censorship resistance. Bitcoin has proven to be the choice of currency for many individuals and organizations who are unsatisfied with the traditional payment methods because the digital currency is devoid of a central authority that decides who can or who cannot use it.
The republican senator acknowledged a few of his colleagues and policymakers on their sincere efforts to support the adoption of Bitcoin in the US and to influence effective changes to the law for Bitcoin adoption. He, however, regretted that many other politicians who are in support are just doing so for selfish reasons as they utilize the opportunity as a viable topic in their political campaigns.
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