U.S. Senator Elizabeth Warren has actually argued that cryptocurrency is not a course to monetary addition like crypto supporters declare. “Bitcoin ownership is even more concentrated within the top 1% than dollars,” she stated, stressing the requirement for “real solutions to make the financial system work for everyone, not just the wealthy.”
Senator Elizabeth Warren on Crypto and Bitcoin
U.S. Senator Elizabeth Warren (D-Mass) commented about cryptocurrency, bitcoin, and monetary additionTuesday She tweeted:
The crypto market declares that crypto is the course to monetary addition, however bitcoin ownership is a lot more focused within the leading 1% than dollars. We require genuine services to make the monetary system work for everybody, not simply the rich.
Her remark remained in action to an short article in the Wall Street Journal declaring that the leading 1% of bitcoin holders “control a greater share of the cryptocurrency than the most affluent American households control in dollars.” Citing a research study by the National Bureau of Economic Research, the author composed that “the top 10,000 bitcoin accounts hold 5 million bitcoins, an equivalent of approximately $232 billion.”
Many Twitter users responded to Senator Warren’s tweet. One user informed the Massachusetts senator: “This is not true. The fixed bitcoin supply means ownership gets less concentrated over time in congruence with adoption, usage and creation of value. There is no other alternative to fixing the money printing problem that results in an invisible tax on the average citizen.”
Another user tweeted to the senator: “Your argument is flawed. So I am left to assume you don’t understand BTC is not ‘all crypto’ — it’s BTC. You are only recognizing BTC as ‘crypto’ while ignoring an entire budding ‘crypto industry’ based on the transfer of value for fractions of a penny.”
Moreover, some individuals advised Senator Warren that crypto is decentralized and is for everybody, not simply the abundant. Some questioned the claims made in the Wall Street Journal short article. Several individuals called the senator from Massachusetts “ignorant” and “manipulative,” stressing the requirement for education.
The senator just recently contacted regulators to “clamp down” on stablecoins and decentralized financing (defi) platforms “before it is too late.” She stated, “Defi is the most dangerous part of the crypto world.” In July, she prompted U.S. Treasury Secretary Janet Yellen to urgently embrace a policy to reduce crypto dangers.
In September, she pushed the Securities and Exchange Commission (SEC) to attend to the issue of crypto exchange blackouts and high deal costs. She likewise worried at the time that cryptocurrency is not a course to monetary addition.