U.S. senator Elizabeth Warren has stirred up yet again, the ever-ending debate of who really benefits from Bitcoin with her latest comment. In a statement shared on her Twitter page, the high-ranking senator stated that the flagship cryptocurrency only favors the very rich, giving instances to support her view.
Warren Questions the True Purpose of Bitcoin and Other Digital Assets
For years, many, including Senator Warren, have questioned the financial inclusiveness promoted by Bitcoin and the general cryptocurrency. People have taken sides in the debate, raising points to support and counteract the views of others.
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The argument stems from the recent statistic published by Wall Street Journal, in which it stated that only 0.01% of BTC holders hold the lion’s share of the coin’s supply. WSJ disclosed that approximately 5 million Bitcoins were held in those wallets, prompting many to ask on whose possession is the remaining supply.
Compared to flat currencies, digital currencies have a larger concentration in supply, which is conflicting and astonishing, given that Bitcoin and cryptos in general are built on the sole concept of decentralization. This concept has become the driving force of adoption in the first place. At least, 1% of the very rich individuals in the United States control around 33% of the USD supply.
Presently, only about 10% of BTC supply is left to be mined, which will occur over the next hundred years. A significant portion of circulating supply is in the possession of wealthy investors. This strikes an imbalance, which has sparked reactions from concerned individuals including Senator Warren.
Bitcoin Has No Equal Benefits
After carrying out her due analysis, Senator Warren thinks that Bitcoin doesn’t benefit everyone equally. In her tweet, she stated that the heavily concentrated BTC supply is higher than that of dollar, resolving that BTC is meant to favor the poor.
However, she did recommend a solution. The U.S. Senator suggested for more comprehensive approach to drive home the point of financial inclusiveness, so that everyone benefits and not just the wealthy.
Warren has called out for more extensive and thorough crypto regulations severally. The senator has never relented in sharing her anti-crypto views with Congress.
Earlier today, Anthony Pompliano voiced against the measure of Bitcoin’s value based on USD, even though it is the norm as fiat is still the dominant form of currency. According to him, Bitcoin should be priced in the digital asset so that one BTC equals one BTC and not the other way round.
Bitcoin has been in a sort of wild fluctuation since the beginning of the week. Presently, the flagship coin is trading below $48K, around $5K behind the resistance support level. Judging by the bearish movement, the crypto might end the year in the red zone.