Elizabeth Warren Compares Buying Bitcoin to ‘Buying Air’

You can find more information here Meet the Press, Chuck Todd posed a series of cryptocurrency-related questions to Sen. Elizabeth Warren (D–Mass.The question was: If I purchase bitcoin, will I be buying shares of stock? Or a piece of pork belly? Which are you buying?

“Or, are you buying air?” Warren responded, calling bitcoin “ephemeral token”, where its value can only be tied to the perceptions of other people.

Todd asked her about that and asked if the finite supply bitcoin made it less like platinum or silver.

Warren responded, “With bitcoin there’s not anything that backs up it,” adding, “it’s just faith.”

“Instead of bitcoin, we could be talking about digital currency,” argued Warren, saying that central bank digital currencies (CBDCs) have “something that backs it up”—the government.

Warren wants transactions of all people to be as secure and monitored as possible. It is therefore natural that Warren supports the creation a digital money. CBDCs aren’t a good substitute for cryptocurrency because they don’t offer the same benefit as cryptocurrency: anonymity or privacy.

Warren stated that she believes cryptocurrency will be regulated at the end of this segment.

Contrast both this mindset and this regulatory approach with Sen. Cynthia Lummis (R–Wyo.He told There are reasonsNick Gillespie, a member of’s last year, stated, “There are other reasons to have digital dollars, or a currency central bank digital, than to own bitcoin.”

Lummis was referred to as the “crypto queen”, and expressed concern over the way these currencies (like the Chinese Communist Party’s digital yuan) can be used to spy on citizens.

“In conjunction with China’s social credit’ system, eCNY [digital yuan]Avik Roy writes that this will allow China to send and receive money directly to favored and disfavored people.” National Review. Businesses and individuals who voice their disapproval of the government may have their accounts wiped clean and be removed from any economic activity.

This hypothetical CBDC administrator would be able to access extraordinary data on where Americans spend their money. How does this work in America? Roy warns that if you are worried about IRS leaks on private tax returns, the Fed will have all of your spending habits.

This hypothetical world makes cryptocurrency an even better option because it promises financial privacy. MoreAttractive competitor