While countries such as El Salvador make lawful currency Bitcoin, in the Unit the Senator Elizabeth Warren lashes out at BTC.
During a debate he listed all the problems of cryptocurrencies and BTC, also talking about instability, criminal uses, cyber attacks and then spoke of the negative consequences on the environmental impact. He has declared:
“Bitcoin consumes a lot of energy in entire countries and is expected to consume as much energy as data centers around the world this year. A single Bitcoin transaction, a single buy or sell or a transaction uses the same energy as a typical US domestic in more than a month ”.
The explanations of a counterpart that argued that the expenditure of energy is necessary to maintain the security of the network was of little use.
His opinion is that a CBDC that consumes less energy than Bitcoin would be better. For this, he concludes:
“Cryptocurrencies like Bitcoin are terrible for the environment. One of the easiest and least disruptive things we can do to combat the climate crisis is crack down on environmentally wasting cryptocurrencies. And this is the time to do it ”.
Elizabeth Warren: Bitcoin is the wild west
To Bloomberg he added:
What’s happening right now in cryptocurrencies, Bitcoin and Dogecoin, is a wild west out there and it doesn’t make for a good way to buy and sell stuff and it’s not a good investment and environmental disaster. So do we need more regulation around this? You can bet on it.
Speaking of regulation, the senator adds that those who buy Bitcoin for speculation do so at risk. It is what distinguishes BTC from the stock market, where investors are protected by current regulation against the risks of pump and dumps. According to him, however, regulators and the US Congress itself are late and it is necessary to understand where cryptocurrencies are going.
Furthermore, he hinted that even a digital version of the dollar would actually only be aimed at fighting what China is doing and that at the moment most transactions are already digital.
The difference between China and the United States is also that China’s CBDC is a means of controlling transactions. The US, on the other hand, does not intend to go that far.
But at the moment he concludes, we are still a long way from issuing a digital dollar, all this while cryptocurrencies are literally “sweeping the earth”.