Elizabeth Warren’s comment echoes critics who believe bitcoin is nothing but thin air
During her recent appearance on “Meet the Press Reports” with NBC host Chuck Todd, US Senator Elizabeth Warren (D-MA) compared buying bitcoin to buying air.
The lawmaker claims that people usually buy or sell cryptocurrencies because they believe the price will either go up or down, rejecting the idea that it has any fundamental value.
“It is a bet whether this thing, this momentary token, will become more valuable or less valuable,” Warren said.
The Massachusetts senator, who is considered one of the leaders of the progressive wing of the Democratic Party, also said that this was the right time for the US to issue a central bank digital currency.
Warren believes that bitcoin will not escape regulatory oversight, but he did not specify what specific rules should apply to the world’s largest cryptocurrency.
He drew ominous parallels between the cryptocurrency market and the subprime mortgage crisis in the US, which triggered the global recession of the late 2000s.The former presidential candidate is one of the most outspoken crypto opponents in the US Congress. His anti-crypto remarks often ruffle the feathers of industry leaders and the wider community.
As reported by U.Today, Warren has repeatedly drawn attention to the adverse environmental impact of bitcoin mining, calling excessive energy consumption “a real issue.” He has also targeted decentralized finance, describing it as one of the “underestimated” parts of the industry during a Senate committee on banking in December.
His stance is in contrast to some prominent conservatives, such as Senator Ted Cruz (R-TX), who are desperately trying to bring members of the cryptocurrency community to court.