Senator Elizabeth Warren Has One Word for Cryptocurrencies: “Lousy”

by Pam Martens and Russ Martens
Wall Street on Parade

Senator Elizabeth Warren of Massachusetts chairs the Senate Banking Committee’s Subcommittee on Economic Policy. On Wednesday the Subcommittee held a hearing on a topic that is becoming ever more timely with each new Bitcoin extortion attack on an essential U.S. business. The hearing was titled: “Building A Stronger Financial System: Opportunities of a Central Bank Digital Currency.”

To set the stage for the need for a regulated alternative to the crime network now trafficking in cryptocurrencies, Warren explained all the ways that cryptocurrencies are simply “lousy” for any socially-redeeming purpose. Warren stated:

“Cryptocurrencies have turned out to be a fourth-rate alternative to real currency. First, cryptocurrencies are a lousy way to buy and sell things. Unlike the dollar, their value fluctuates wildly depending on the whims of speculative day traders. You know, in just the last two months, the value of Dogecoin increased by more than ten-fold and then declined by nearly 60 percent. Now that may work for speculators and fly-by-night investors, but not for regular people who are looking for a stable source of value to get paid in and to use for day-to-day spending.

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