Speaking at the session held in the US Senate Banking Committee on central bank digital currencies, Senator Elizabeth Warren bashed cryptocurrencies with her comments.
Warren harshly criticized cryptocurrencies, claiming that it facilitated ransom attacks on oil pipeline company Colonial Pipeline or meat producer JBS companies. Arguing that cryptocurrencies are a terrible way to buy anything, Warren said that there are not enough measures to protect consumers in the crypto money world. Warren cited the ongoing debate about Bitcoin’s energy use and the claim that Bitcoin mining consumes more energy than the Netherlands.
“Many cryptocurrencies are created using proof-of-work mining. This form of mining has devastating consequences for the climate. Some cryptocurrency mining facilities are located close to coal plants and scatter filth in return for acquiring a few cryptocurrencies. Total energy consumption is staggering and increases energy demand.” she said.
“Congress and federal regulators cannot go into hiding hoping that crypto will disappear. There will be no such thing. The time has come to face these issues directly.”
Warren also described Bitcoin as a “terrible currency,” adding that most people, except criminals, hold cryptocurrencies for speculative purposes.
“Many of its biggest banks have proven unreliable,” Warren acknowledged, also acknowledging problems with the current payment system. said.