U.S. Senator Elizabeth Ann Warren, a Democrat from Massachusetts — who has long led the left’s charge to crack down on banks and Wall Street — has emerged as one of the party’s most vocal cryptocurrency critics.
*“The idea that they’re somehow a protection or a hedge, I don’t think that’s going to be borne out over time.”* She has said.
She announced last Thursday [a new bill, the “Digital Asset Sanctions4Compliance Enhancement Act”, to block cryptocurrency companies from conducting business with sanctioned companies]( warning that Russian leaders and billionaires may use digital currency to evade sanctions imposed after the invasion of Ukraine, [even though that has been disproven]( and besides, any country and sovereign citizen is largely free to use crypto as they see fit.
She has further said *“Given the extraordinarily high energy usage and carbon emissions associated with Bitcoin mining, mining operations raise concerns about their impacts on the global environment, local ecosystems, and consumer electricity costs.”* – a cherry picked FUD statement completely leaving out the fact that the Bitcoin mining industry pairing up with natural gas and oil companies has [arguably beneficial effects for the environment and can lower the carbon emissions from both industries]( or that [Bitcoin mining consumes wasted energy]( or that the [Bitcoin Mining Council surveyed 32% of its network and claimed its users were mining with a 67% renewable energy mix.](
Similarity, Peter David Schiff, an American stockbroker, who leads SchiffGold; a precious metals dealer specializing in gold and silver bullion, is also a vocal critic of cryptocurrencies. He has said *”Bitcoin probably won’t take off anymore”* and *”It’s just a hype machine. … If Bitcoin will still be here in the next 20 to 50 years, it only means more people are gonna lose money.”* – He constantly says Bitcoin is going back down to $10,000 and that *”It’s completely useless”* even though his predicted patterns have been found to be inaccurate time and time again AND he [has literally accepted Bitcoin as payment for his gold company since 2014!!]( – it’s a good thing [his son is a Bitcoiner!](
What these two people have in common is that **they are politically, economically, and socially incentivized to be against decentralized finance.** They are elites demanding laws to be uncritically accepted by lawmakers based only on mystical incantations, unfounded beliefs, non-thoroughly researched claims, and a true lack of understanding about the technology.
Warren works for the American government, literally saying things like *“Digital currency from central banks has great promise”* & *“Crypto is a lousy investment….Unlike, say, the stock market.”* Peter Schiff is scared that Bitcoin could (will) take market cap away from gold, a precious metal he has devoted his life to and career supporting.
It’s almost impossible to underestimate the intelligence of these fools, and I’m jealous of the people who haven’t heard about them. They are not crypto vultures; they are what crypto vultures will eat.
36 thoughts on “Senator Elizabeth Warren and goldbug Peter Schiff actually understand crypto really well, they just have to speak badly about it because their careers are on the line.”
FYI, They haven’t understood internet yet
Most of us don’t understand it as well, me included
Turkeys don’t vote for Christmas.
Haven’t they had enough “careers” politicians were never meant to do life long runs
If you “have to” lie, deceive, and obstruct progress to protect your career, you should switch careers.
Love Peter Schiff but he doesn’t understand it entirely. He has a surface level understanding but it’s not enough. Elizabeth Warren on the other hand clearly doesn’t know what she is talking about.
She is by far one of the worst humans representing US.
Never trust anyones who’s paycheck relies on ignorance.
This woman must be voted out.
I’d say she understands the finance side of crypto very well, that’s her jam.
But she has zero understanding of the technology.
And crypto is far more than just finance.
Neither understand it, otherwise they would realize it’s futile to oppose it and a waste of their time.
For EW, she’s used to battling against things she understands *very well* and has somehow concluded that because cryptocurrency has a financial element, it’s automatically in her wheelhouse.
Same goes for the other dildo.
Neither have a fundamental understanding of what cryptocurrency actually is and I suspect are both too old and washed out to ever get it.
I’d say they probably are just Salty they missed the boat on Bitcoin.
If they’d any sense, they’d realise they hadn’t.
The Devil’s Advocate position on most of this is not that some of what she says is true, but rather that her focusing on crypto bullish news in general because it means we’re leaving the fringe.
In order to permanently leave the fringe, the community needs to confront the fact that some of her soapbox commentary is actually rooted in truth. BTC does use tremendous amounts of energy. The shitcoins of the world are horrible for the crypto space and the individuals they harm, and it is absolutely the government’s job to try to stem predatory practices like idiot celebs shilling rug pulls. If Russia is able to circumvent sanctions via crypto (which I highly doubt, at least on a scale which would actually help them), then it’s an issue of international security.
There are pretty straightforward answers to most of this, and at least the consumer protection side of things is going to require legislation. We have the tech to run mining on green energy and the sanctions piece is largely able to be thwarted by governments forcing exchanges to comply with regulations. Defi might help the average dude access funds without a Coinbase-type entity, but that’s not going to help a nation of 145 million people in a meaningful way.
In short, having financial advocates honing in on crypto is the canary in the coal mine for the space. Politicians will politic, but they wouldn’t say anything at all if the space wasn’t growing on the collective consciousness of society.
Elizabeth, that was unWarrented
Spencer Schiff repping SwanBitcoin, I like it. I’m not affiliated with them (I just like their service) but I’ve said it before and I’ll say it again: easiest way to DCA BTC I’ve found is swan. Set and forget with low fees and auto-withdrawals to your cold wallet
Warren is nothing more than a extortionist.
Warren isn’t cognitively challenged, she just chooses to be anti crypto and pushes that narrative hard. Unfortunately for her, most of her colleagues are realizing that crypto is here to stay and discussions regarding crypto in the senate have been surpassingly constructive lately.
Warren is in the pocket of big banks and it shows. However, she’ll eventually be irrelevant in context of crypto.
I think theres a lot ppl in politics and other fields that know very well about crypto but cant “agree/push forward” because:
Carreers on the line, Companies not profiting off of it (yet), speculation
The name of the crypto backed by Gold is PAXG, and its fully audited.
Schiff thinks all the other cryptos are more or less the same as bitcoin which he thinks is worthless. I
I’m not entirely sure what bitcoin’s use case is myself. But he certainly doesn’t understand that there are many other cryptos out there with important use cases.
These people half-understand. They read the spark notes, they read the TL;DRs, but they never actually used it or tried to learn the very fundamentals.
Elizabeth Warren is clearly a knowledgeable person but she does not understand crypto when I watched his debates.
She kept insisting that crypto can and will be used to launder money but was shutdown with a big NO after explaining to her that transactions can be tracked and there are tools to determine if money laundering is happening.
She was left surprised at the end that she was wrong.
They still think that Internet is devil creation.
This is not ok.
I doubt they understand the technology and belong in their positions
You will never convince me that Warren knows anything about crypto. I have seen the same videos that you have. She has no idea. None.
I really don’t think Warren gets it at all
They want it to dump, so they can buy cheaper…. lol
I liked her more when she was a thorn in the side to the banksters. She has become a villain and I hope she is voted out.
Warren came to office on a platform of creating a “fair” financial system, and ending the corruption of the big banks.
Crypto does just this, but Warren hates it because it does not redistribute wealth. Crypto is “fair” because it gives everyone equal opportunity, but still lets smarter and more resourceful people gain financial advantage.
She just hates tech-minded nerds coming in and ‘winning” the financial game. She really just wants wealth redistribution, not a truly “equal” playing field.
Crypto gives her *exactly* what she wanted. It destroys the corrupt, centralized banks. However it exposes the fact that there are always going to be winners and losers, and she fucking hates that.
Go watch Warren’s talks from before she was a politician. She definitely understands economics at a very high level.
*reads the title*
Well, that’s even worse, so…..yeah.
Vote for smaller government, they can do less damage that way.
She definitely does not understand. It strike me as noticeably odd. Agree/disagree with her opinions, but making arguments from a position of complete and utter ignorance is not usually the way she rolls.
Warren is an ideological hypocrite, while Peter actually knows exactly the benefits of BTC and he is also trolling the BTC maxis but I bet he own it himself, he even visited a BTC meetup last year and was cool with everyone there. He’s just edgy, old man on social media, what do you expect