U.S. U.S. “Bitcoin ownership is even more concentrated within the top 1% than dollars,” she said, emphasizing the need for “real solutions to make the financial system work for everyone, not just the wealthy.”
Senator Elizabeth Warren speaks out on Crypto and Bitcoin
U.S. U.S. Senator Elizabeth Warren (D.Mass. She tweeted Tuesday about bitcoin and cryptocurrency. Twitter:
Although the crypto industry says crypto is the way to financial inclusion and bitcoin ownership is more common within the top 1 percent than in dollars, it is still a very powerful tool. Real solutions are needed to ensure that the financial system works for all, and not only the rich.
Her comment was in response to an article in the Wall Street Journal claiming that the top 1% of bitcoin holders “control a greater share of the cryptocurrency than the most affluent American households control in dollars.” Citing a study by the National Bureau of Economic Research, the author wrote that “the top 10,000 bitcoin accounts hold 5 million bitcoins, an equivalent of approximately $232 billion.”
Many Twitter users replied to Senator Warren’s tweet. One user told the Massachusetts senator: “This is not true. Fixed bitcoin supply is a way for ownership to decrease over time, in line with the adoption, use and creation value. There is no other alternative to fixing the money printing problem that results in an invisible tax on the average citizen.”
Another user tweeted to the senator: “Your argument is flawed. So I am left to assume you don’t understand BTC is not ‘all crypto’ — it’s BTC. You are only recognizing BTC as ‘crypto’ while ignoring an entire budding ‘crypto industry’ based on the transfer of value for fractions of a penny.”
The reminder that crypto is not restricted to the riches was also made by some. Some people were skeptical of claims in Wall Street Journal. Several people called the senator from Massachusetts “ignorant” and “manipulative,” emphasizing the need for education.
The senator recently called on regulators to “clamp down” on stablecoins and decentralized finance (defi) platforms “before it is too late.” She said, “Defi is the most dangerous part of the crypto world.” In July, she urged U.S. Treasury Secretary Janet Yellen to urgently adopt a policy to mitigate crypto risks.
She pressed the Securities and Exchange Commission to fix the issue of high transaction fees and crypto exchange outages in September. Her remarks also highlighted that cryptocurrency was not a pathway to financial inclusion.
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