Senator Elizabeth Warren calls cryptocurrencies the new Wild West

Elizabeth Warren lashes out at cryptocurrencies
Last updated:

Democratic Senator Elizabeth Warren lashed out at Bitcoin and cryptocurrencies, due to their high energy consumption.

US Senator Elizabeth Warren compared cryptocurrency trading to the “Wild West” and argued that regulation was necessary for the often volatile currency market.

Warren made the comments to Bloomberg TV on Wednesday following a Senate Banking Committee meeting to discuss digital currencies.

The great debate around cryptocurrencies today has taken a surprising turn. Going from focusing on the usefulness and need of crypto assets such as Bitcoin, to focusing on the environmental impact they have. This is due to the high consumption of electrical energy that BTC mining requires to function. For this reason, the famous Senator Elizabeth Warren lashes out at Bitcoin in the Tweet of the day:

Elizabeth Warren vs. Bitcoin

In recent years, Bitcoin mining has become an increasingly complex affair. This due to the increasing difficulty that miners face in executing transactions on the cryptocurrency Blockchain. Which leads them to resort to increasingly advanced equipment, but at the same time demanding large amounts of electrical energy.

Thus, with the latest bullish rally for Bitcoin, we reached the point where the cryptocurrency consumes more electricity for its mining operations than countries such as Chile and the Netherlands. Awakening, of course, the concern of environmental groups, who argue that cryptocurrency mining should be banned to protect the environment, especially in the midst of the climate crisis we are facing today.

Among those who defend this position would be Senator Elizabeth Warren, who attacks Bitcoin through her Twitter account. Calling cryptocurrency a waste of electrical energy, and proposing a ban on its mining to protect the environment:

Bitcoin requires so much computing activity that it consumes more energy than entire countries. One of the easiest and least damaging things we can do to fight the climate crisis is to take action against cryptocurrencies that are wasteful to the environment

These statements come just days after El Salvador became the first country in the world to accept Bitcoin as legal tender. Therefore, it could represent the first indication in a division of the political class worldwide, between those who support the development of Bitcoin and cryptocurrencies, and those who, as is the case of Senator Warren, advocate for its prohibition.