U.S. Senator: “Crypto is Bogus and a Lousy Investment”

Warren exploded at a session of the Senate Banking Committee discussing a U.S. government-backed central bank digital currency on Wednesday.

Comparing decentralized crypto assets to a CBDC she said that crypto is a “fourth-rate alternative to real currency,” adding that “legitimate digital public money could help drive out bogus digital private money.”

The irate Senator did not stop there, calling out pump and dump schemes and price manipulation where she fingered Dogecoin stating that “crypto is a lousy investment” compared to the stock market.

The Massachusetts senator also voiced her opinion on digital assets being tied to many illegal activities, all “made easier with crypto”. With reference to the recent ransomware attacks on Colonial Pipeline and JBS, Warren also insinuated that cryptocurrencies were encouraging cybercrime:

“Every hack that is successfully paid off with a cryptocurrency becomes an advertisement for more hackers to try more cyberattacks,”

Angry Woman Screams at Bitcoin

Using the same old arguments about crypto being an ‘environmental disaster’, Warren continued her tirade on twitter.

Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies. pic.twitter.com/derGr1bjuq

— Elizabeth Warren (@SenWarren) June 9, 2021

She has been misinformed about a number of things that are clearly wrong, as confirmed by Castle Island Ventures partner Nic Carter.

“Virtually everything she says about Bitcoin is a flagrant lie or misrepresentation. Her despotic Sino-CBDC won’t substitute for or improve on Bitcoin, it will subject you to a fully permissioned yeastlife where every financial decision you make must be approved by her goons.”

As much as 70% of the energy used for mining is now renewable, and with China’s crackdown on mining, a lot of it is moving to North America where farms have no choice but to use green energy.

Block Tower Capital CIO, Ari Paul, quipped:

“Social media uses more electricity than Bitcoin. You could do more for climate change by not tweeting.”

Blaming Crypto for Ransomware

Warren is the latest U.S. Senator to blame cryptocurrencies for ransomware. As reported by CryptoPotato, Senator Roy Blunt unleashed a tirade on cryptocurrencies and the anonymity they provide over the weekend.

Senator Mark Warner meanwhile called for more transparency for crypto transactions related to ransomware.

This week Bloomberg reported that the FBI managed to “acquire” the private keys of the address of one hacking group and successfully seize 67 BTC which was part of the Colonial Pipeline ransom payment.