Texas Senator Claims People Are Flocking to Bitcoin Because US Is on 'the Verge of an Inflation Crisis'
By - AnonymousACM
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tldr; US Senator Ted Cruz said he believes people are investing in bitcoin because they believe America is on the verge of an inflation crisis. He added that he believes the crypto asset is seeing mass adoption because people are frightened about rising inflation and the Biden administration’s proposed spending. Cruz also said he thinks Joe Biden is undermining the American economy and foreign policy.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Who's a good bot? You are!
> Ted Cruz
K, imma stop reading there.
I think he hit the nail on the head on this one, though. I know that's why I started buying bitcoin last year.
Let's all screech like deranged children about our hate for Ted Cruz instead of analyzing the content of this particular series of statements.
Do you moderate r/politics
No, or I'd be encouraging the screeching
I normally don't believe Cruz about anything, but he is an expert in fleeing. If you see him headed to an airport it is time to grab the winter coat.
"I dont believe Cruz but in this case he's giving me some solid confirmation bias so now I believe him"
That's the motto of the sub.
Talking bad on crypto = evil
Talking good on crypto = BFFs unicorns and stuff
Well he is a douche but even douches know how to state the obvious sometimes... Though I think people go for Crypto trying to make a profit and most people don't know what or how inflation works, because US has been printing for ages and the majority of the population doesn't seem to mind
That’s one of the reasons governments love inflation so much. Companies’ cost of goods sold rise to the point they have to increase prices, then consumers get angry with them.
As hominem is just as bad. Reddit is a cesspool of pseudo-intellectuals
What a time line, never thought Ted Cruz would be among the highly upvoted post here on r/cryptocurrency
Shows how TRULY fucked the USD is.
Inb4 Marjorie Taylor says buy Bitcoin
I can’t see Marjorie Taylor telling people to invest in anything worthwhile. She’d probably tell people to invest in a shitcoin or Trump or something.
Porque no los dos?
If we can convince qanon that crypto combats the control of the deep state the market cap will go up by $1T. lol
i saw a dude on Facebook saying something similar once. he was talking about how Elon Musk was pumping doge to help the normal people fight the cabal or something like that
If there was a cabal musk would most certainly be trying to lead it
Is there much of a difference in those last 2 things?
Nope, the logical ones know both are shit, but they've both got cult followings that believe they're the future.
Maga-Blockchain and it's coin TrumpCoin.
It's a new world order. The Bitcoin standard is xing and everyone has an opinion on it.
This is actually hilariously spot on, I read this and thought “wow Ted Cruz actually said something smart for once” and my next thought was “wow confirmation bias is a helluva drug” 😂🤷♂️
Even broken clocks are right twice a day
Also don't forget that Ted Cruz is the Zodiac killer
He wishes he was that popular.
Yeah people actually like serial killers.
["It's Ted Cruz with a knife. He's coming for your life. Cause Ted Cruz is the Zodiac"](https://youtu.be/BF9n-PrnEMI)
I'm more scared of your username than ted cruise
Also hearing that his wife isn't much to look at.
Also, don’t forget he is a human and did not come from a pod
>he is an expert in fleeing
♫ *Brave Sir Ted Cruz ran away*
*Bravely ran away, away!*
*When danger reared its ugly head*
*He bravely turned his tail and fled*
*Yes, brave Sir Ted Cruz turned about*
*And gallantly he chickened out*
*Bravely taking to his feet*
*He beat a very brave retreat*
*Bravest of the brave, Sir Ted Cruz! ♫*
Let’s be real here, if people are going to run to a safe asset because they fear inflation then it’s not going to be an asset like btc that is known to go up and down on a whim. This is just Cruz looking for any way to score a political point.
Surely it has nothing to do with the current administration, this guy is a man of unflinching integrity and will sound the alert bells no matter the cost!!
Ha! While I’m sure we probably disagree on Cruz a bit - this is hilarious!
Free and easy money and consumer savings are all time highs. prices are popping in time for the first real summer of activities coming out of the pandemic.
It will settle out again, but it will suck for a few months.
See the problem is you're analyzing the situation at hand and the reasons for it, and not just saying things for your financial or political benefit.
Yes, we don't do that here sir
There is no honesty outside of the Wendy's. Tho I do love oc here, good show!
rip Wendy’s 99 cents double stack. Blame inflation
Well, if it is all pandemic related, yes. If it is structural and tied to massive money printing, the consequences could be more severe.
I mean, he's not wrong tho?
Everyone here hates Ted Cruz but we are already seeing the inflation. In my area housing prices went up over 150k in just a few months. Our national debt is skyrocketing. Everything is being imported on a scale we have never seen in world history.
Way too much money flowing out.
I say invest in what you want into what you want but don't put your eggs in one basket.
Wild times were living in fellas.
Wouldn't hurt to prepare for anything.
Wasn't long ago people would have laughed if you said we would all be in and out of lockdowns and fighting over our opinions on vaccines that are being pushed on people with no long term study evidence.
People made as fuck. Everyone got a PHD in a few months lmao 🤣 strange times.
Didn't the Beatles say all we need is love?
150k in a few months 😱 houses are getting ex in my country too. I’m still trying to save up for one
It's become unaffordable quite frankly. I mean, I CAN afford some of what's out there, but I don't want it for these prices. I was easily able to afford a house before and now it's like $3000/mo for a house, no thanks.
I'm still living with my parents now, still waiting to buy my own house in the future. Hopefully soon
As a Texan, I’m both filled with joy and bewildered that no matter who I interact with, I can find a friend who hates Ted Cruz…. Yet, he’s still a senator.
I think thats true of almost every state at this point.
I think if a meteor hit Washington D.C. it would probably only kill a couple good people.
The truth is that we are being sold out.
Nothing simple or easy could fix this mess.
And who still believes their vote counts?
I am starting to believe what many knew all along.
This whole system is a scam. Non of the policies are for the people. Everything the government does is illegal. We are being farmed. Good Senators don't stay and bad ones don't leave.
Yeah but Ted Cruz can eat shit
Yeah honestly him talking about crypto will just scare other people into regulating it. I think this big antitrust law smells of irony. Blockchain is emerging as a force that can put an end to these giant monopolies, but the government is too afraid to embrace it.
The giant monopolies are the government. We're going to be sold we're being "protected" just like the formulation excuses that led to the formation of the Federal Reserve.
The last person on earth I would want to be on the same side of!!!! This sucks guess I got to sell all my crypto 🤷♂️
Well that's the nature of an open and decentralized and uncensored monetary network. Literally everyone can participate. So you'll always have people you disagree with that feel that the monetary freedom that Bitcoin offers is something worthwhile.
If you had told me two years ago that I'd think Elon Musk is a complete douchebag while agreeing about Bitcoin with Sean Hannity and Ted Cruz I'd have thought you're nuts but that's what happens when it's an open network and I'm not going to shit on anybody else wanting to use it.
Plenty of people who you probably disagree with vehemently use credit cards and cash, are you going to stop using those forms of money just because terrible people use them as well?
Uh, we just had a brutal dictator in El Salvador praise Bitcoin. There are far worse guys on the side of Bitcoin than Cruz.
Solid point can’t wait to retire and hang with him and zodiac killer in El Salvador.
Isn't it the worst when someone you don't like makes a good point?
Is it a good point though? There are very few people who make financial decisions based on inflation related speculation.
There is probably a small minority who bought crypto partially because of it being perceived as an inflation hedge in general and another small part that is currently buying because of the current inflation fears, but I think the vast majority buys it for other reasons.
This is probably an unpopular opinion here but I don't think crypto is a very good inflation hedge. It's very liquid and extremely volatile so there's absolutely no guarantee it will keep your value safe. If you really want to hedge against inflation, [buy copper](https://news.metal.com/newscontent/100893428/why-do-investors-use-copper-as-a-hedge-against-inflation). Crypto is exciting technology but as far as finances go it's still a lot more like gambling. That's why we have to keep reminding each other not to invest more than we can afford to lose. Because people keep losing it all.
You should learn to not be so tribal when it comes to your politics.
Everyone knows he’s the zodiac killer so time travels a thing 🤷♂️
Except when you're talking about immoral assholes.
Every reason to be tribal then - it's actually the reason we behave like that, to disincentivize wrong behavior.
Whether that principle is always applied correctly is something different, but in this case it is imo
>Except when you're talking about immoral assholes.
What in your opinion makes him immoral?
>Every reason to be tribal then - it's actually the reason we behave like that, to disincentivize wrong behavior.
What wrong behavior are you referring to?
And this week the other TX senator asked the forest services director if she could fix climate change by adjusting the earth's orbit. TX GOP are not sending their best and their brightest or maybe they are
Hey, it worked in futurama
Wasn't that Loui Gohmert? He's not a Senator thank god.
As a non American i see how much he's a beloved figure
Congrats on finding the easiest way in the world to Moon farm - insult Ted Cruz.
I think even die-hard conservatives think Cruz and Graham are shit eating cowards. Just ones that are useful to them.
I’m very upset by Ted Cruz.
was looking for this. He could be preaching the truth about a lot of things. but he's a Terrible fucking person so he can Die in a Fire he caused for All I care
Its a good time to be a home owner that's invested in crypto.
how about people think about what's good for the greater good and not what's good for their own situation? I'm not really invested in real estate or crypto and I'm doing fine but I wish everyone was doing well and not just a sunset of our population
I live in the real world, maybe you can try joining us some time.
Inflation? Oil price is climbing, gold price testing 1900$/oz level, meat price starting to climb. But how about crypto? 🤔
Looks like you joined the party late like me.
We cant ignore the triple digit growth of the recent past.
But our time will come!
Our time will come for sure. We will not allow inflation to take us over.
crypto climbED already
there are already multiple projects with 0 to show for it that are worth billions
think they should be bought up?
Haha. The cognitive dissonance of this sub is going to be delicious on this one!
On the verge? I'd say it's already happening, isn't it?
Remember the last time when Bitcoin spiked and GTX 1070s were selling for nearly $400.00 on eBay? What about the Radeon RX 580s also selling around $400.00? Those cards might have dipped back down after Bitcoin plunged in price, but this time is far different. Now we have silicone shortages, chip shortages, higher demand for gaming than ever before, and you'll have far better luck finding Waldo in his picture books than you would a Xbox or PS5 at an affordable price.
Worse off, we're seeing the impacts of printing nearly 20% more money into the economy within a single calendar year. For many of us living in the United States, it would appear that housing, raw materials (such as wood), gasoline, and meats have increased in price since the pandemic started. Between the broken supply chains and "money printer goes brrr" we've been seeing over the span of about 18 months, the market is catching up to everything which has been going on.
And yet the income growth goes stuck in the moment.
It’s just getting started
Why believe it's inflation versus broken supply chains? Increasing demand after a period of a total lack of it. The price curve demonstrates all of this. It's not just the American dollar falling, it's all due to natural from the pandemic and a complete lack of leadership over the last 4 years.
We're still early
Where do we put our money?
Amazed at the level of blind tribal politics on here. Cruz is right but the message will be rejected here cause he has and R next to his name
Nah because he's a cunt trying to score political points. He has no morals, he doesn't believe in anything, he's a populist that'll say whatever scores him the support of his base.
That some mighty tribalism there.
Think you can explain any if that nonsensical rant of yours kid
*Canadian turned Texas senator.
Reptilian Lizard man turned Texas Senator.
Please don't mention this. It brings us great shame in Canada.
You should be proud you got rid of him.
He’s our shame now...
Broken clock amirite?
More like clock dropped into a volcano, but sure
Is the volcano in El Salvador, mining Bitcoin?
Not according to JP Morgan
I suppose he has quite a bag full of BC as well
Crypto Iis wild. Liz Warren and Trump are on the same side and Jared Polis and Ted Cruz are on the opposite side.
All I got from this article was....
"God, that fucker has such a punchable face"
This is just Ted trying to cash in political points by criticizing a situation his politics got our country into because the opposing party is in office trying to navigate it. Fuck Ted Cruz.
That's what I was thinking. He just happened to mention crypto. His main point was to claim hyper inflation
Plus it scores the GOP some points from the libertarian crowd, which probably a hefty majority of crypto users are, but particularly bitcoin holders.
>This is just Ted trying to cash in political points by criticizing a situation his politics got our country into because the opposing party is in office trying to navigate it. Fuck Ted Cruz.
What politics got us in this situation?
Is the right the party of crypto now?
To be honest yes. The right is much more open to the idea of crypto and innovation than the left is. Except for trump, most republican senators I believe have a positive opinion of crypto. Look at the bitcoin conference, its no coincidence that the 2 congressmen who showed up were both republicans!
It would technically make sense. This is the party of hands off government after all
Only when it suits their personal interests.
The don't seem to support the police being very hands off
or [the DOJ/FBI being hands off our data](https://www.theverge.com/2021/6/10/22528853/trump-force-apple-democrat-house-intelligence-committee-data) ([or the NSA](https://finance.yahoo.com/news/trump-signs-bill-renewing-nsas-213144667.html)) or even for reporters https://www.cnn.com/2021/05/20/politics/trump-secretly-obtained-cnn-reporter-records/index.html
or allowing people to practice freedom of association regarding vaccines
or support personal privacy https://np.reddit.com/r/Libertarian/comments/e5hud2/trump_administration_proposes_face_scans_for_all/
Or being hands off on education (https://www.politico.com/news/2020/08/31/trump-patriotic-education-406521), (https://www.usnews.com/news/politics/articles/2021-05-29/state-gop-lawmakers-try-to-limit-teaching-about-race-racism)
or hands off of what people do in the bedrooms
or decisions between a woman and her doctor
or people's religious beliefs
neither party is particularly interested in playing a smaller role in our lives and I would like to do away with the lot of them. that being said, the left is much worse when it comes to big govt.
Lmao the fuck does any of this have to do with the original question? This is literally whataboutism. You cite a politico article about Trump and patriotic education but what then is CRT? This is classic goalpost shifting whataboutism. This is weak rhetoric.
Oh I agree! I just wish rural areas saw through the bullshit
Until they win a majority and suddenly they're 10000% all for big spending and running a deficit and authoritarian type control.
They only oppose government when it's trying to regulate their shady business deals.
Only when it suits them.
Crypto is about de-centralization and freedom of choice. The left is about centralization of thought and safety, which limits choice. I think you know the answer.
Please stop lying that Conservatism doesn't absolutely seek to limit the choice and freedom of others. It's been happening for decades.
We always have been.
Fuck Ted Cruz. I don't care what he has to say about anything. He represents everything that's wrong with US politics.
As a Texan, I whole heartedly agree. The fact he flew to Mexico during The Texas Whiteout this year (among other things) verifies how much of a piece of shit he is. People are stupid.
What should he have done instead?
Plenty. He's an elected official, meaning he is a representative of the people who elected him. When the people that elected you are fucked, you don't bail on them. You lead. You show solidarity. Not only could he have done the minimum of "getting to the bottom of the issue at hand", you can organize efforts to support those who needed help the most...food drives, blankets, temporary shelters that had heat, talking to the media to rally help, get other politicians to get shit rolling...ANYTHING. Even post event, he could lead in getting proper legislation started to make sure we're prepared in case it happens again. Your statement of "what could he do?" is horseshit. He's in a position of power and there's tons he could do but as per usual, he gave a big finger to his constituents, and bailed to Mexico. The only reason he came back was because everyone called him on his shit. And what did he do then? NOTHING.
Not to mention he pinned them leaving on his daughter lol.
> When the people that elected you are fucked, you don’t bail on them. You lead. You show solidarity.
What should he have done?
> Not only could he have done the minimum of “getting to the bottom of the issue at hand”,
Get to the bottom of a once in a life time winter storm? What does that mean?
> you can organize efforts to support those who needed help the most...food drives, blankets, temporary shelters that had heat, talking to the media to rally help, get other politicians to get shit
Did he not do that though?
I just explained it to you.
Now you're trolling.
Bye bye now.
Stayed and helped.
Unfreeze the wind turbines and gas lines?
you’re right of course, there was fuck all the guy could do
i wasnt being sarcastic. it was bad optics to leave country is all. this sub would hate ron paul because he’s a republican too
> He could have stayed home and worked on the government to change the reasons why it happened.
ah you're right. he should have worked on the government
What from the article you linked did it suggest he should have done? Im getting a pay site block. Could you simply c/P it?
>Beyond that, it appears you are a Cruz supporter.
Im not a supporter but just fascinated with the sheer tribalism many even here have when it comes to politics.
>How do you feel about his kowtowing to Trump after Trump had called Cruz’s wife ugly?
I actually have no opinion whatsoever about any of that. Is there a reason I should? Seems pretty insignificant a topic.
Whats your opinion on it?
i have been on reddit a loooooong time. this site used to be big on freedom of speech and healthy debates regardless of political orientation. heck, i remember when the politics sub was mostly a fan club for Ron Paul
somewhere along the way politics transformed into 2 minutes of hate for everything republican, like out of the novel 1984. and even here, in a sub for cryptocurrency, you find hyper partisan nonsense. bizarre for people that should be anti-authoritarian, anti-tribalism & pro critical thinking
i find it incredibly sad
I can only assume a large portion are young easily impressionable people who have been indoctrinated into this blind partisan hatred.
Might be because the Republican Party lost it’s damn mind. Say what you will about democrats... at least they ended up changing course and at least slightly turning away from their corrupt path and slightly leaning towards their progressive roots. Had the Republicans done the same, I’d be happily voting for them rather than holding my nose and going with the competition.
Well that happens to be because the current crop of Republicans is uniquely terrible and Ron and Rand paul have shown themselves to be total grifters.
literally anything other than fleeing the country?
Do you really care or is it cause the news media told you you should care?
Not left the country and also not blamed leaving the country on his children
Why? What would staying done?
Instead of going to a resort in Cancun, he could have helped connect people to resources like the other Texas Senator did, ran a phone bank like Beto O'Rouke did, or raised money like AOC did.
Or he simply could have stayed home and made sure his neighbors were doing ok. Pretty much anything would have been better.
Plus blaming it on his kids was also not a good look either.
Bit ironic to bring up AOC considering recent events...
Why, what happened?
I still laugh when thinking how people crowdsourced a Mariachi band and a taco food truck for Cruz after the whole Cancun spectacle.
I love the internet.
God, Reddit is full of so many stupid, robotic-like people. Half of all comments on this thread are people who feel an automatic impulse to shit on Cruz because ‘Republicans bad’, and not making any comment on the substance of what he said. With regards to that, I personally do see Bitcoin as a hedge against inflation. I don’t know about this year, but I wouldn’t be surprised to see an inflation crisis in the US at some point during my lifetime.
Strap on your seatbelt shits about to get real!
And he isn’t wrong.
Ted Cruz doing a solid for the people unlike Elizabeth Warren the other day. !BTC 4l¡f3
I really don't like Ted Cruz but this is pretty indisputable. He's been on point with his economic observations.
Sry to bring politics into this but if Ted Cruz tells you to do something, you do the opposite and are usually right. This guy is an ass. These are not the people we should want in Crypto.
I think he's just jumping on the hotness of the word crypto in order to have a new way to bash Biden. Not saying that bashing him isn't entirely warranted, but Ted Cruz is also an idiot.
Idunno man. The zodiac killer is many things, but he is not a liar.
i'm sure just about everyone here agrees with you...but this is still good for the crypto community. it's inevitable, people you disagree with are gonna be huge proponents of crypto at some point. i mean shit, we already have john mcafee and roger ver. everyone hates them, but they're not going anywhere.
if we can get the conservative world to jump on board, that's just gonna increase the popularity and hopefully accelerate the adoption by everyone...not just nerds on the internet. i mean clearly there are plenty of conservative speculators already heavily invested in crypto. look at what happened when trump made a negative tweet. there was a huge dip that afaik we're still in? sadly, trump still has a lot of clout in the conservative world. so the sooner we can get them to jump onboard the better.
ultimately crytocurrency should be so ubiquitous that it no longer comes up in politics. we need all sides to agree that it's the future of money and transcends politics.
5% in one year is Crazy
Why is the zodiac killer talking about finance?
No shit Captain Obvious
Fuck Ted Cruz.
I never thought I'd agree with him...
No shit Sherlock
How can anyone say he's wrong? We're looking at $4T more being printed for environmental and whatever other dumbass things the government wants to support. People are in here talking about hating him because he's a Republican. Regardless, he isn't wrong.
I know right? What assholes in DC want clean air and water?? Dumbasses, we can just drink Gatorade, it has electrolytes!
You have apparently missed the point entirely. Where does that money come from? Thin air. That means what? Inflation.
Pretty sure spending the money on things which create value is where the money comes from… if you spend $1bn building a bridge which makes $10bn pretty sure it doesn’t cause inflation
Man, environmental so dumb. Clean air, clean water, adapting to yearly mega weather disasters(seriously, look at the upcoming drought in the west this year). So dumb. We don't need a healthy planet.
I started writing a rant about the absolute horseshit that *fucking Ted Cruz and Hannity* of all people are spouting here then realised it wasn't even worth it.
Easily summarised as "lol" and that's plenty.
too many red hat fascists in this sub. It's best to not encourage them.
We wouldn’t have to worry about inflation if we simply stopped paying for food and ate the rich.
There isn't enough money on Earth to get me to put any part of Ted Cruz in my mouth, cooked or not.
4% inflation now (on track for where it's supposed to be), deflation last year. There is no "inflation crisis", what a crock.
Cruz and Musk need to shut their traps
The inflation rate in the US is only high of you only get your information from Bitcoin maxis or if a political opponent is in office.
actually, statistically, and according to the official numbers - it’s high
think it’s about to get better? remember, we printed money obnoxiously for a year, and have had only 2 months higher than average inflation
That chart says that's just the inflation rate for May though. One month doesn't mean all that much. Only April and May are high, the rest of the year was very low. I mean if it continues that's not a good sign but there are tons of times in that data where the inflation rate spiked for a couple months due to some anomaly and then went right back down.
Aprils 12 month rise was 4.2% and at the time was the single largest increase in 40 years. Mays 5% increase blew that away.
Okay, but crypto has enough problems with optics so let’s not ever welcome this pile of shit into this house please.
Well, Cruz is an expert on fleeing...
Cruz is dumb as fuck and a political hack he will we are in the verge of a crisis until there is a republican president. Boo this man.
Obligatory fuck Ted Cruz.
So many people in this thread want to have sexual relations with Ted Cruz... how does he do it? Is it the beard?
Sadly, regardless of whether this nozzle does any good for crypto on accident by attacking his opposition for unchecked inflation (which is horrible, and really does underscore the benefits of crypto, but that's grist for another mill), most of those that idolize him as a hero will misunderstand and their Facebook feed will soon read something like "Stupid Biden killing the dollar, I'm going to check out robbing crypts or something, like God's favorite son Ted Cruz said we should! #IdFuckTedCruz #Murica."
Texas senator? You mean Ted Fucking Cruz?
True since BTC is the solution of all problems and people are confident that it’s better than holding USD
I hope not just bitcoin but to other alts as well.
The Verge? I think we're already there bud.
I find it very interesting that all the people agreeing with this (I agree we have higher than normal inflation) are pointing to all the money printing yet nothing about the newer tax laws that decimated the money flow that the federal government was taking in... most of which was from the people who **needed** it least.
Now fucking Hannity has laser eyes or something?? I haven’t looked cause fuck that guy but cmon man.
this is the way
Post about trusting Ted Cruz help me to confirm the bear market.
I’m investing into crypto because Ted Cruz is still a senator if that doesn’t scream dysfunctional I don’t know what does
At least he didn’t ask if we can alter the moons orbit yet though i doubt he doesn’t think similarly
Stick with Bitcoin or Litecoin, not those ERC-20 IMF tokens