In her March 2 CNBC interview, U.S. Senator Elizabeth Warren projected that Bitcoin will ‘end badly.’ She was commenting on Treasury Secretary Janet Yellen’s comments about the biggest crypto. She thinks that the flagship cryptocurrency is entirely speculative.
As reported previously, Yellen said that bitcoin presents an “extremely inefficient” method of executing transactions in late February adding to criticizing its illegal usage and volatility. Warren described Yellen as a smart woman and added that there is no room for ambiguity in her words.
The Massachusetts legislator is yet to speak publicly about how bitcoin should be regulated. While attending a Senate Banking Committee meeting in 2018 that also featured a major crypto critic Nouriel Roubini, she made her case of nurturing the productivity of various digital currencies while simultaneously protecting users:
“The challenge is how to nurture the productive aspects of crypto while protecting consumers.”
The prominent legislator continues to target “ultra-millionaires,” reviving her controversial plan that aims to tax the wealthiest Americans. Anybody with a net worth of more than $50 million would need to shell out a 2% levy under her recently introduced law.
Warren’s tax-the-rich policy was heavily criticized by several members of the crypto community in 2019, with IOHK CEO and Cardano creator Charles Hoskinson referring to it as “good old-fashioned theft.”