US Senator Elizabeth Warren once again spoke about cryptocurrencies, in particular about bitcoin, and about the importance they have for the global financial ecosystem. The senator is sure that cryptocurrencies, as well as fiat funds, have a place to be and they should coexist with each other, but she believes that they should also be taxed. According to her, it does not matter where anyone keeps their funds, in fiat currency or in crypto assets-taxes should be collected annually everywhere.
Warren also stressed that cryptocurrencies can give a head start to many major global banks, which, according to her, could not keep their consumers and give them what they need, especially for the long term.
This is not the first time that the senator has spoken about cryptocurrencies. In June, Warren spoke in a negative way about cryptocurrencies and said that they are terrible investments and a hotbed of lawlessness and money laundering.
Therefore, she made it clear that Americans should use their national currency, and not stop using the dollar and switch to storing cryptocurrencies.
She stressed that bitcoin, like other altcoins, is very volatile - this can only work for small speculators and one-day investors, but not for ordinary citizens who are looking for a daily constant source of earnings to have money on hand here and now, and not think about the volatility of cryptocurrencies, that any small event from the outside can both raise the cryptocurrency in price and drag it into a deep bear market.
In addition to taxability and a hotbed of lawlessness, Elizabeth Warren is also concerned about the Proof-of-Work of cryptocurrencies, especially bitcoin and its impact on the environment. Bitcoin requires huge computational activity, which consumes more energy than entire countries.
The material has been provided by InstaForex Company - www.instaforex.com