US Senator Elizabeth Warren said that cryptocurrency does not provide financial inclusion for all segments of the population, contrary to the claims of crypto enthusiasts.
In her Twitter, the senator noted that the statement about the availability of cryptocurrency is false.
She wrote:
The concentration of Bitcoin within the richest 1% of people far exceeds the concentration of the dollar. Regulators need to find a real solution that makes the financial system work for everyone, not just the rich.
According to information Wall Street Journal, “5 million BTC are in the 10,000 largest Bitcoin accounts.” Thus, the top 1% control the majority of the market.
Twitter users reacted to the senator's position with criticism. Many noted that she does not at all understand the principle of decentralized cryptocurrencies in general and the role of Bitcoin in particular. Some doubted the veracity of the data in the article.
One user responded to the senator very substantively:
This is an incorrect statement. The limited issuance of BTC makes ownership 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 words, these are “fake currencies” that are unsuitable as a means of payment.
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