Bitcoin is fueling climate change according to Kooky Massachusetts Senator Elizabeth Warren as she told the Senate Banking Subcommittee.
She is calling the government to confront crypto-threats “head-on,” while saying a Federal Reserve-backed digital currency shows “great promise.”
“Cryptocurrency has created opportunities to scam investors, assist criminals, and worsen the climate crisis,” she said during the hearing. “The threats posed by crypto show that Congress and federal regulators can’t continue to hide out, hoping that crypto will go away. It won’t. It’s time to confront these issues head-on.”
The Republicans pushed back on her desire for government-run crypto.
“We don’t need a state-sponsored bank interfering with this successful free-enterprise system,” said Senator Pat Toomey, who openly rooted for continued growth in existing cryptos.
— ?Blaine ∞/21M (@infinityover21m) June 10, 2021
Warren is claiming that while mining Bitcoin, consumes more energy and therefore is destroying the planet.
“Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies,” Warren tweeted.
Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the #ClimateCrisis is to crack down on environmentally wasteful cryptocurrencies. pic.twitter.com/derGr1bjuq
— Elizabeth Warren (@SenWarren) June 9, 2021
Yahoo Finance previously reported:
Sen. Elizabeth Warren (D-MA) has questions about cryptocurrency, including whether it takes advantage of smaller investors. The progressive senator also wonders whether bitcoin is too easy to steal.
The former presidential candidate has been pushing for government intervention on both of those fronts and, in a conversation with Yahoo Finance’s editor-in-chief, Andy Serwer, this week, she raised another growing concern: the impact on the planet that has come with the rapid growth of cryptocurrency.
“I also think with bitcoin, and with the other cryptocurrencies, I think there’s a real issue about the environmental impact as well, this whole notion of how much energy is consumed just to keep the currency tracking going,” said Warren, who’s out with a new book, “Persist,” which is billed as both a personal narrative and a call for “political transformation.”
Compared to traditional currency, bitcoin has a relatively large carbon footprint because new bitcoin has to be “mined.” Bitcoin “miners” receive bitcoin as a reward for verifying and recording transactions that require massive amounts of computing power — which takes massive amounts of real-life power.