U.S. Senator Elizabeth Warren argued that cryptocurrency is not an instrument that promotes financial inclusion as crypto advocates claim. ” Bitcoin ownership is reserved for the richest 1% and this concentration of wealth is even worse than that of dollar holders. “She said, stressing the need to”relevant solutions to make the financial system work for everyone, not just the rich “.
Senator Elizabeth Warren speaks out on cryptocurrency
This Tuesday, US Senator Elizabeth Warren addressed the themes of cryptocurrency, bitcoin and financial inclusion. She tweeted:
” The crypto industry claims that cryptocurrency is the path to financial inclusion, but bitcoin ownership is even more concentrated among the wealthiest top 1% compared to dollars. We need real solutions to make the financial system work for everyone, not just the rich. “
His comment came in response to a item of Wall Street Journal claiming that the 1% of bitcoin holders “control more cryptocurrency than US dollar-rich households“. Quoting a study by the National Bureau of Economic Research, the reporter wrote that “the first 10,000 Bitcoin accounts hold 5 millioncorners, or the equivalent of approximately $ 232 billion.“
Inevitable reaction
Many Twitter users responded to Ms Warren’s tweet. One user contradicted the senator: “This is not true. The limited supply of bitcoin means ownership becomes less concentrated over time, in line with adoption, use, and value creation. There is no alternative aimed at solving the problem of excessive printing of money which imposes invisible taxes on citizens.“
Another user tweeted: “Your argument is flawed. So I have to assume that you don’t understand that BTC is not “all cryptocurrency”, it is BTC. You define bitcoin as “the crypto” while ignoring the entire fledgling industry based on transferring money worth just a few cents.“
Additionally, some people reminded Senator Warren that crypto is decentralized and meant for everyone, not just the rich. Some have questioned the claims made in the aforementioned article ofWall Street Journal.Several people called the Massachusetts senator “ignorant” and of “manipulativeHighlighting the need for crypto awareness.
The Senator and her fight against cryptocurrency
Ms Warren recently called on regulators to crack down on platforms forstablecoinsand decentralized finance (DeFi) “before it’s too late”. She said:
“DeFi is the most dangerous part of the crypto world.“
In July, she urged U.S. Treasury Secretary Janet Yellen to urgently adopt a policy to mitigate cryptocurrency risks.
In September, she urged the Securities and Exchange Commission (SEC) to resolve the issue of crypto exchange outages and high transaction fees.
Senator Elizabeth Warren remains adamant when it comes to regulating or even completely cracking down on the crypto universe. Notwithstanding, she continues to overlook counter-arguments, even those offered by other politicians. Hopefully, DeFi will still coexist with traditional finance despite numerous (still unsuccessful) attempts to destroy it.
Source: Bitcoin.com
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Salome Guerin
If cryptocurrencies are synonymous with financial freedom, then they must play a key role in the financial empowerment of women. With the right education, crypto can be a powerful tool in fighting the battle against gender inequalities.
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