Senator Elizabeth Warren (D-Mass) recently took a shot at Bitcoin and the movement it represents, while speaking at a financial conference. She claimed that Bitcoin had a negative impact on the environment, and that it made America less secure.
The United States Senate just held a hearing on the future of energy, and a few Bitcoin supporters had their say. One of the topics that came up was Bitcoin’s large energy consumption. Senator Elizabeth Warren, who is taking the lead on the Senate’s investigation into cryptocurrencies, said that Bitcoin’s energy consumption is “inefficient,” and that she wants to find ways to reduce Bitcoin’s energy consumption.
Sen. Elizabeth Warren (D-MA) has begun taking steps against Bitcoin and other digital currencies by introducing a bill designed to oversee digital currency transactions. On Jan. 16, 2018, Warren tweeted that she plans to introduce a bill that will prevent virtual currency transactions from being considered anonymous. Warren’s bill, which has the working title of “The Strengthening the Tenth Amendment Through Entrusting States (STATES) Act,” would require companies like Coinbase—the most popular cryptocurrency exchange in the U.S.—to identify and verify the identity of users.. Read more about crypto reporting requirements and let us know what you think.US Senator Elizabeth Warren yesterday criticised bitcoin and cryptocurrencies during a Senate Banking Subcommittee hearing. During the hearing, Warren criticized the energy consumption required to run bitcoin and other proof-of-work (PoW) cryptocurrencies. Warren also believes that cryptocurrencies are the Wild West of investing and calls for regulation of the sector. However, some social media users were quick to respond by pointing out Ms Warren’s flawed logic and alleged hypocrisy.
Senator Elizabeth Warren takes on bitcoin
Senator Elizabeth Warren gave her opinion on bitcoin and other cryptocurrencies during a Senate subcommittee hearing yesterday. A hearing titled Creating a Stronger Financial System: The capabilities of the central bank’s digital currency have sparked criticism over bitcoin’s energy consumption and use for criminal activity. Warren was quick to explain that bitcoin requires too much energy to complete even a single transaction, pointing out that : A bitcoin transaction consumes more energy than a typical American household in a month. I believe the calculation period is 53 days. But Warren’s critical look at bitcoin doesn’t end there. The former Democratic presidential candidate also believes bitcoin has flaws as an investment vehicle. In an interview with Bloomberg TV, Warren explained that bitcoin is very volatile and is like the Wild West of investing. She stated: If you buy stocks for speculative purposes, you would be protected from pumping and dumping, but not if you buy bitcoins; we need to talk to the SEC about that. According to Warren, cryptocurrencies are also a tool that criminals use in ransomware attacks. An example of this is hacking the Colonial Pipeline system. Therefore, it calls for stricter regulatory oversight of the system. On this call for restraint, Warren said: Our regulators and Congress are an hour late and a dollar short. We need to keep up with the evolution of cryptocurrencies.
The public is angry
This barrage of criticism of bitcoin and other cryptocurrencies caused the community to quickly ignore Senator Warren’s opinion. Ari Paul, CIO of Blocktower Capital, said Warren’s use of social media is far more damaging to the environment than bitcoin. He stated: Social media consumes more energy than bitcoin. You can do more to combat climate change by not tweeting. Kraken’s Dan Held sarcastically suggested that Christmas lights should be abolished because of their energy consumption, citing a Phys.org report, while another tweet criticised Mrs Warren’s hypocritical use of fossil-fueled private planes to attend meetings rather than use virtual media. Ms Warren’s statements are the latest in a series of attacks that bitcoin has faced over the past two months. Former President Donald Trump has also recently criticized bitcoin, saying in an interview with Bloomberg last week that he thinks bitcoin is some kind of scam. What do you think of Senator Elizabeth Warren’s criticism of bitcoin? Tell us what you think in the comments section below.On Thursday, Senator Elizabeth Warren, a Democrat from Massachusetts, called bitcoin a “scheme” for traders who buy and sell the cryptocurrency without ever using it. Warren said this week that the cryptocurrency’s energy consumption is “probably” a bigger problem than its volatility, and she even called for regulation of the currency. “My concern is, I don’t know how it can be a currency when people are buying and selling it every day and no one’s using it,” Warren said, according to CNBC. “I don’t know how you can have a currency that’s just going up and down all the time,” she added.. Read more about bitcoin climate change and let us know what you think.
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