Senator Warren Says, Cryptos Are ‘Speculative In Nature And Going To End Badly’

2021-3-3 21:06

Crypto critic senator Elizabeth Warren doesn't see cryptocurrency investment ending up good for anyone.

“Speculative in nature and going to end badly,” is what she had to say about the digital currencies in an interview with CNBC. Back in 2018, she said, “The challenge is how to nurture productive aspects of crypto with protecting consumers.”

On Tuesday, Warren was asked if she agrees with US Treasury Secretary Janet Yellen's sentiments about cryptocurrencies. Warren said Yellen is a “very smart woman,” and she didn’t leave much room for ambiguity regarding her views on cryptos.

"It's speculative in nature and going to end badly. I don't think @JanetYellen left a lot of room for ambiguity there," says @ewarren on #btc. pic.twitter.com/XZGEhYxnyn

— Squawk Box (@SquawkCNBC) March 2, 2021

Yellen called Bitcoin “highly speculative” last month because of cryptocurrencies usage in terrorist financing and illegal business. She also called the leading digital currency “extremely” energy inefficient.

Cathie Wood, founder, and CEO of hedge fund ARK Invest addressed Yellen’s remarks, saying the Treasury Secretary doesn't understand cryptocurrencies. She said,

“I’m not quite sure why she’s saying this. All I know is that she doesn’t understand the crypto space, and I say this with all due respect; I just don’t think it is what she does. She’s responding to a movement in price, that I understand, which has been very rapid.”

Wood further argued that the energy usage of Bitcoin, which is mostly renewable, is a fraction of that used to mine gold, and it “hardly measures up” to the energy consumption of the traditional financial world.

Warren, meanwhile, as one of her first moves as a new member of the Senate Finance Committee, unveiled legislation this week that would introduce the Ultra-Millionaire Tax Act. As per this proposal, a 2% annual tax on households and trust over $50 million will be introduced. An additional 1% annual surtax could be added to those whose wealth exceeds $1 billion. She said in the interview,

“I think most people would rather be rich and pay 2 cents. This is not very fancy. It really is a tax on fortunes above $50 million.”

According to her, wealth tax was needed for a long time in order to produce more opportunity in America. In a statement, she pointed out how the wealth of the billionaire class increased by more than a trillion dollars over the last year, during the pandemic. Warren said,

“We do understand the direction we’ve been going. This pandemic has created more billionaires. The people at the top are not barely hanging on by their fingernails.”

The post Senator Warren Says, Cryptos Are ‘Speculative In Nature And Going To End Badly’ first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SpherePay (SAY) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Äîñòóïíî / Âñåãî 0 SAY

senator going nature badly warren speculative say

senator going → Ðåçóëüòàòîâ: 8


Is Bakkt CEO Being Snubbed As Georgia Senator Due To President Trump’s Anti-Bitcoin Stance?

The Atlanta Journal-Constitution reports that President Trump wants Brian Kemp, Georgia’s governor, to appoint US House Representative Doug Colling as Senator. While Loeffler already filed her application to become Georgia’s Republican Senator on Monday, it’s believed that Kemp is the one who has to make the decision on who’s going to fill in the position. […]

2019-11-23 22:48


Bernie Sanders Picks a Fight with Trump in an Attempt to Stay Relevant

By CCN: Is Bernie Sanders fighting a losing battle? The Vermont Senator entered the 2020 presidential race in February, marking his second attempt at attaining White House glory. For more than a month, the 77-year-old Democratic socialist appeared to be leading the race for his party’s nomination… That is until Joe Biden announced his campaign for the presidency only weeks ago.

2019-5-21 01:11