Elizabeth Warren: "cryptocurrencies will not solve the problem of rich and poor"

US Senator Elizabeth Warren said cryptocurrency does not provide financial inclusion for everyonelayers of the population, contrary to the claims of crypto enthusiasts.

In her Twitter, the senator noted that the statement about the availability of cryptocurrency – false.

She wrote:

Bitcoin concentration within the richest 1%of people far exceeds the concentration of the dollar. Regulators need to find a real solution to make the financial system work for everyone, not just the rich.

According to the Wall Street Journal, “5 million BTC are in the 10,000 largest Bitcoin accounts.” Thus, 1% of large holders control the majority of the market. 

Twitter users responded to the positionSenator criticized. Many noted that she did not at all understand the principle of decentralized cryptocurrencies in general and the role of bitcoin in particular. Some questioned the veracity of the data in the article.

One user replied to the senator in a very specific way:

This is a false statement.The limited emission of BTC makes property rights less concentrated as value is created. Today there is no other alternative solution to the problem of uncontrolled printing of cash.

Elizabeth Warren has long been opposed to the crypto industry. According to her, these are “counterfeit currencies” that are unsuitable as a means of payment.

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