The senator from Texas, United States, Ted Cruz, recognized the great push for development that bitcoin has had in the economy of El Salvador. In one of his programs on Verdict, the US senator spoke about how virtual currency is the right decision for an economy like El Salvador’s, thus endorsing President Nayib Bukele’s management.
Cruz stated that he spoke about the issue with the Salvadoran president last week. “Bitcoin has great potential, especially in a developing economy for people to have access to savings. Maybe someone doesn’t have a bank account, but if they have a cell phone, or any technology, they can keep their savings safe. They can’t be stolen, “said the Republican politician in the space broadcast on social networks.
Cruz has shown his support for minting the cryptocurrency as legal currency in El Salvador. In addition, the state of Texas has been fertile ground for cryptocurrencies, as some of the most important companies for money exchanges with this technology are located there.
“[With bitcoin] You can also make secure and instant transactions. You can transfer, buy, or sell. There are massive inefficiencies today in transferring cash, that crypto and bitcoin go all around. It is a generation-jumping technology” — continued Cruz, who also knows how to take advantage of currency fluctuations to generate profits.
Since September 7, Bitcoin became a legal tender currency in El Salvador, and since that date, many businessmen and experts in cryptocurrencies have paid attention to the country, which was the first in the world to make this leap in technology. Other nations, such as Russia, have followed the lead of the Salvadoran government in recognizing bitcoin as a currency.
Bitcoin is accepted in numerous establishments in El Salvador along with the dollar. In Texas, HB 4474 legislation recognizes cryptocurrencies in the state’s Commercial Code to establish their use.