US Senator Elizabeth Warren criticized bitcoin and cryptocurrencies at the Banking Senate subcommittee hearing yesterday. At the hearing, Warren criticized the energy consumption to operate bitcoin and other proof-of-work (PoW) cryptocurrencies. Warren also thinks cryptocurrencies are the “wild west” of investment and called for a regulatory crackdown on the industry. However, some on social media immediately retorted, pointing out Warren’s flawed logic and alleged hypocrisy.
Senator Elizabeth Warren Takes on Bitcoin
Senator Elizabeth Warren announced her opinion on bitcoin and other cryptocurrencies at a Senate subcommittee hearing yesterday. the hearingThe title, “Building a Stronger Financial System: Opportunities for a Central Bank Digital Currency”, served as an opportunity to criticize bitcoin’s energy consumption and its use in criminal activities. Warren quickly noted how bitcoin requires a lot of energy to settle a single transaction, emphasizing:
One bitcoin transaction uses more energy in a month than a typical American household. I think the estimate is 53 days.
But Warren’s critical view of bitcoin doesn’t end there. The former Democrat presidential candidate also thinks bitcoin is flawed as an investment vehicle. in one interview On Bloomberg TV, Warren explained that bitcoin was too volatile to be like the “wild west” of investing. He declared:
You would be safe from pump and dump if you were buying stocks for speculation, but not when you are buying bitcoin; We need to talk to the SEC about this.
For Warren, cryptocurrencies are also a tool for criminals to use in ransomware attacks. what is an example of happened With Colonial Pipeline’s system hijack. As a result, she is calling for a stricter regulatory oversight on the system. Regarding this call for clampdown, Warren said:
Our regulators and Congress are an hour late and a dollar short. We need to understand where cryptocurrencies are going.
This barrage of criticism towards bitcoin and other cryptocurrencies quickly led the community to disregard the opinion of Senator Warren. Ari Paul, CIO of Blocktower Capital, said that Warren’s use of social media is far more harmful to the environment than bitcoin. He declared:
Social media uses more electricity than bitcoin. You can do more for climate change by not tweeting.
Kraken’s Dan was sarcastically held as proposed Citing a report in Phys.org, canceling Christmas lights because of their energy consumption, et al. Tweet Criticized Warren’s hypocritical use of fossil fuel-consuming private jets – rather than virtual media – to attend meetings.
Warren’s statements are the latest of a series of attacks by Bitcoin over the past two months. Former President Donald Trump also criticized Bitcoinist recently said that he believes bitcoin is “a kind of scam” in an interview with Bloomberg last week.
What do you think about Senator Elizabeth Warren’s criticism of bitcoin? Tell us in the comments section below.
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