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U.S. Senator Elizabeth Warren believes that cryptocurrency is not the path to financial inclusion as claimed by cryptocurrency advocates. “Bitcoin ownership is even more concentrated in the top 1% of the population than the U.S. dollar,” she said, emphasizing the need for “real solutions to make the financial system work for everyone, not just the rich.”
Senator Elizabeth Warren talks about cryptocurrency and Bitcoin
US Senator Elizabeth Warren (D-Mass.) commented on cryptocurrency, Bitcoin and financial inclusion on Tuesday. She wrote on Twitter:
The crypto industry claims that encryption is the way to achieve financial inclusion, but Bitcoin ownership is even more concentrated in the top 1% than the U.S. dollar. We need real solutions to make the financial system work for everyone, not just the rich.
Her comment is in response article The Wall Street Journal claimed that the top 1% of Bitcoin holders “control more of the cryptocurrency share than the US dollar controlled by the wealthiest American households.” The author quoted a study by the National Bureau of Economic Research and wrote, “The top 10,000 A Bitcoin account holds 5 million Bitcoins, which is equivalent to approximately 232 billion U.S. dollars.”
Many Twitter users responded to Senator Warren’s tweets. A user told the Massachusetts senator: “This is not true. A fixed supply of bitcoin means that over time, ownership becomes less concentrated with adoption, use, and value creation. In addition to solving the problem of money printing. Besides, there is no other choice, because the problem of printing money will bring invisible taxes to ordinary citizens.”
Another user said to the senator on Twitter: “Your argument is flawed. So I can only assume that you don’t understand Bitcoin Not “full encryption”-it is Bitcoin. You only recognize Bitcoin As an’encryption’, it ignores the entire emerging’encryption industry’, which is based on the value transfer of a few cents. “
In addition, some people reminded Senator Warren that encryption is decentralized and applies to everyone, not just the rich. Some people questioned the claims in the Wall Street Journal article. Some people called the senator from Massachusetts “ignorant” and “good at manipulating”, emphasizing the need for education.
The senator recently called on regulators to “Clamp“It’s too late on stablecoins and decentralized finance (defi) platforms. “She said, “Defi is the most dangerous part of the crypto world. In July, she urged the U.S. Treasury Secretary Janet Yellen Urgently adopt policies to reduce encryption risks.
September, she Press down The Securities and Exchange Commission (SEC) solves the problem of interrupted crypto exchanges and high transaction fees. She also emphasized at the time that cryptocurrency is not a way to financial inclusion.
What do you think of Senator Elizabeth Warren’s comments? Please let us know in the comments section below.
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