Cryptocurrency has been compared to the “Wild West” by U.S Senator Elizabeth Warren, who argued that regulation for such a volatile market was a necessity due to the many complications that come with cryptocurrency.
Senator Warren commented on Bitcoin and the crypto markets in general on Bloomberg TV, following a meeting with the Senate Banking Committee for discussing digital assets. According to Senator Warren, digital currencies are not suitable assets for investments nor were they any good for buying and selling commodities. She pointed out that cryptocurrencies are also responsible for damaging the environment, and as such, they need to be regulated.
Major Cryptocurrencies such as Bitcoin and Dogecoin are highly volatile and are prone to enormous swings in their value on often unrelated market stimulus. Last month on Saturday Night Live featuring Tesla CEO Elon Musk, who is known for speaking positively about the meme-inspired crypto Dogecoin. Dogecoin prices skyrocketed after Musk endorsed the cryptocurrency.
During his SNL appearance, Musk joked about Dogecoin calling it a hustle and a bad mother’s day gift along with his own mother. The slightly negative joke about the cryptocurrency caused investors to sell large amounts of cryptocurrency.
Musk has significant influence over the crypto market as even slight mentions will cause the prices to skyrocket or plummet. As was the case with Bitcoin when Tesla announced it would no longer accept Bitcoin payment due to environmental issues.
Musk shared a similar sentiment with Senator Warren in regards to the environmental issues caused by bitcoin mining rigs. Bitcoin mining rigs consume a significant amount of energy to perform computations in order to provide consumers with cryptocurrency.
Warren argued that bitcoin could be used for illegal criminal activities, which was another reason to regulate the market. She strongly emphasized that regulations are necessary.
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