U.S. Senator Elizabeth Warren (D-Massachusetts) has something in common with former President Donald Trump: neither one of them is a fan of Bitcoin.
Bitcoin is a popular cryptocurrency that has surged in value in recent years as demand for it has increased — with some dips along the way. At times this year, a single bitcoin has been worth more than $60,000. As of Wednesday afternoon, December 29, one Bitcoin was worth $47,163.90. Meanwhile, early in 2011, one Bitcoin was worth $1. Additionally, a Bitcoin was worth around $5,000 on March 13, 2020 after peaking at nearly $20,000 in December 2017.
Warren doesn’t like it, however. She tweeted an article from The Wall Street Journal that showed that the top 0.01 percent of Bitcoin owners hold 27 percent of the world’s Bitcoin.
“The crypto industry claims that crypto is the path to financial inclusion, but bitcoin ownership is even more concentrated within the top 1% than dollars,” Warren wrote. “We need real solutions to make the financial system work for everyone, not just the wealthy.”
While Warren’s concerns are different from Trump’s, the former president also isn’t a fan of the cryptocurrency.
Trump’s issue with it? He doesn’t like that it’s a currency that competes with the U.S. dollar.
“Bitcoin, it just seems like a scam,” Trump said this past July, according to BBC. “I don’t like it because it’s another currency competing against the dollar.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.
Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.
We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
Investopedia defines a cryptocurrency as “a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.”
Users support Bitcoin because it allows them to exchange currency without the involvement of banks. Others support it because they view it as digital gold, giving them a way to store assets. There are also people who like it because they think it will increase in value over time.
Senator Warren’s office could not immediately be reached for comment on Wednesday, December 29.
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