US Senator Ted Cruz, who is bullish on Bitcoin, wants Texas to be a crypto oasis.

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Senator Ted Cruz of the United States wants to transform the state of Texas into a haven for digital currencies like Bitcoin BTC $17,092. The politician acknowledged how important the cryptocurrency sector can be for the supply of American energy and technological advancement when addressing the Texas Blockchain Summit 2022 in late November.

Cruz suggested that rather of burning the energy produced by oil and gas extraction, it should be used to generate income through Bitcoin mining. He also stressed the potential of mining as an alternate method of energy storage and production:

“The beauty of it [Bitcoin mining] is that when you have a significant investment, like we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme cold or extreme heat, which occasionally happens here, Bitcoin mining can be shut off in a split second. Making that electricity instantly accessible to the grid so that it can be used to run businesses and to heat or cool people’s homes. That is a huge pool of surplus capacity, which is, in my opinion, very helpful.”

The Senator emphasised that Texas is an appealing state for the growth of the crypto industry in the US because it combines abundant and relatively inexpensive energy with a commitment to free enterprise.

Cruz also revealed the rationale for why he considered himself an ardent supporter of Bitcoin:

I prefer Bitcoin because it is uncontrollable by the government.

The sole cryptocurrency in the republican lawmaker’s portfolio was Bitcoin, which he acknowledged he bought once a week. And he said:

“Bitcoin, in my opinion, is an investment. It denotes a chance. It denotes success. It denotes financial freedom. I also believe that Texas’ booming bitcoin mining industry is very advantageous for the grid’s resilience.”

One of the U.S.’s centres for crypto mining with the greatest growth is Texas. The state’s pro-crypto stance was made public in August by the Comptroller’s office, which also announced plans to host long-term miners and operators in a newsletter.

The fiscal note emphasised that, in contrast to “manufacturing facilities or industrial chemical plants, which can be expected to be around for decades,” cryptocurrency mining facilities do not place significant electrical demands on the grid, dispelling the common misconception about Bitcoin’s energy consumption.

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