US Senator Elizabeth Warren criticized Bitcoin and cryptocurrencies yesterday in a hearing of the Banking Senate subcommittee. At the hearing, Warren criticized the energy consumption that Bitcoin and other proof-of-work (PoW) cryptocurrencies need to operate. Warren also considers cryptocurrencies to be the “wild west” of investments and called for regulatory action against the industry. However, some on social media were quick to bite back, pointing to Warren’s flawed logic and perceived hypocrisy.
Senator Elizabeth Warren takes over Bitcoin
Senator Elizabeth Warren gave her opinion on Bitcoin and other cryptocurrencies in a Senate Subcommittee hearing yesterday. The Listen, titled “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 was quick to explain that Bitcoin used too much energy to complete even a transaction, stressing:
A single Bitcoin transaction uses more energy in a month than a typical US household. I think the estimate is 53 days.
But Warren’s critical view of Bitcoin doesn’t end there. The former Democratic presidential candidate also believes Bitcoin is flawed as an investment vehicle. In one (n interview On Bloomberg TV, Warren stated that Bitcoin is very volatile and is like the “wild west” of investing. She stated:
If you were to buy stocks for speculative purposes, you would be protected from pump and dumps, but not when you buy Bitcoin; We need to talk to the SEC about that.
For Warren, cryptocurrencies are also a tool for criminals that can be used in ransomware attacks. An example of this is what happened when the Colonial Pipeline was rolled out. As a consequence, she calls for stricter supervision of the system. Regarding this call to action, Warren said:
Our regulators and Congress are an hour late and a dollar short. We need to catch up with where the cryptocurrencies are going.
This spate of criticism of Bitcoin and other cryptocurrencies quickly led the community to ignore Senator Warren’s opinions. Ari Paul, CIO of Blocktower Capital, said Warren’s use of social media was far more polluting than Bitcoin. He explained:
Social media uses more electricity than bitcoin. You could do more for climate change if you didn’t tweet.
Krakens Dan hero sarcastically suggested Canceling Christmas lights because of their energy consumption, citing a report from Phys.org and another tweet criticized Warren’s hypocritical use of private jets that devour fossil fuels – instead of virtual media – to attend meetings.
Warren’s statements are the latest in a series of attacks Bitcoin has been exposed to in the past two months. Former President Donald Trump also recently criticized Bitcoin, saying he thought Bitcoin was “some kind of scam” in an interview with Bloomberg last week.
What do you think of Senator Elizabeth Warren’s criticism of Bitcoin? Let us know in the comments section below.
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