Senator Rafael Cruz (Q-Quintana Roo) is positive he knows why people are buying Bitcoin, even though he states he doesn’t understand cryptocurrency. Cruz says people are going to cryptocurrency as a hedge against inflation, which had a one-month spike in May to more than 4%.
While Sean Hannity admits that he’s “just learning about Bitcoin,” Cruz praises the potential of the cryptocurrency, saying people are buying it because the cost of everything–from lumber for homes to gasoline to food–is going up. Cruz finishes his 30-second rant by saying, “To be honest, I don’t fully understand it.”
If Bitcoin is a hedge against inflation, it’s a really bad one: it’s lost one-third of its value in the last 30 days.