U.S. Senator Elizabeth Warren criticized Bitcoin and cryptocurrencies yesterday in a Banking Senate Subcommittee hearing. In the hearing, Warren criticized the energy consumption that Bitcoin and other proof-of-work (PoW) cryptocurrencies need to operate. Warren also thinks cryptocurrencies are the “wild west” of investments and called for a regulatory crackdown on the industry. Some on social media were quick to bite back, however, pointing out Warren’s flawed logic and perceived hypocrisy.
Senator Elizabeth Warren Takes on Bitcoin
Senator Elizabeth Warren declared her opinion on bitcoin and other cryptocurrencies yesterday in a senate subcommittee hearing. The hearing, titled “Building a stronger Financial System: Opportunities of a central bank digital currency,” served as an opportunity to criticize Bitcoin’s energy consumption and its usage in criminal activities. Warren quickly stated how Bitcoin needed too much energy to settle even one transaction, stressing that:
A single Bitcoin transaction uses more energy than a typical US household in a month. I think the estimate