Fun

Elizabeth Warren Accidentally Just Made the Case for Bitcoin

News Feed - 2019-07-23 03:07:14


 

Elizabeth Warren’s team released a blog post today with the apparent intention of scaring people into voting for the Democrat, but “The Coming Economic Crash — And How to Stop It” may have a different effect altogether for those getting interested in Bitcoin.


Bitcoin and Facebook have been in the news regularly as of late, with some lawmakers and bankersfearing the upheaval of the global financial system as a result of the latter’s Libra project.Elizabeth Warren’s Inadvertent Crypto PumpElizabeth Warren portends a dismal economic future if the US fails to make fundamental changes to the market. | Source: Joe Biden. Justin Sullivan / Getty Images / AFP


Warren picks a perfect time to talk about the US economy’s uncertain outlook. From a crypto perspective, at least, it almost qualifies her as a shill.


Warren et al. write:“When I look at the economy today, I see a lot to worry about again. I see a manufacturing sector in recession. I see a precarious economy that is built on debt — both household debt and corporate debt — and that is vulnerable to shocks. And I see a number of serious shocks on the horizon that could cause our economy’s shaky foundation to crumble.”


What better hedge against a crumbling voodoo economic system than an alternative based on science?RelatedPostsCrypto Market Leaders Differ on Pace of Inst Adoption. Who’s Right?Precious Metals Rally but Are Gold Bugs Secretly Holding Bitcoin?Just How Badly Will the U.S. Crypto Crackdown Hurt Bitcoin?


Warren cites several problems in the US economy and how her policies will alleviate them. At the heart of all these problems, though, is the opaque and precarious nature of the central banking system.


Warren’s economic program is less ambitious than some of the ideas espoused by other members of her party. She’d like to raise wages and cancel debt for American households. But all of her policies require some form of government intervention.


For Americans who lived through the 2008 financial crisis she cites at the beginning of the article, waiting on a government plan to work out might not be attractive.Bitcoin’s Answer to Voodoo EconomicsBitcoin offers a hedge against the market crash that Elizabeth Warren fears. | Source: Shutterstock


But if they’ve been paying any attention, they may also be learning about cryptocurrency, which offers an independent hedge against all of the problems Warren cites.Worried about your wages stagnating? Hold some crypto. Historically, it’s proven to rise year over year with limited exceptions. Many believe it will spike during serious economic crises like the one Warren expects.Worried about household debt? Stop borrowing and save crypto instead.Do bankers with unlimited power and a lack of transparency concern you? Promote blockchain and transparency, and only vote for politicians who will support both.Want a booming economy? Allow blockchain and other growing industries to flourish.


As you can see, Bitcoin is essentially a partial cure-all for the problems Elizabeth Warren highlights. Whether she knows or not, the left-leaning, nanny-state Democrat has made the case for Bitcoin in highly effective terms.


Bitcoin was born after the last great financial crisis. It has yet to be tested against a new one, but its performance in Venezuela has been a useful situation to observe.Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN. Tags: BitcoinElizabeth Warren

News Feed

XRP Short-Term Movements Remain Uncertain, But 4-Hour Chart Shows Strength
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike
A Slew of Defi Tokens Outperform Bitcoin"s Weekly Gains, Defi TVL and NFT Sales Spike October has been a strong month for cryptocurrencies like bitcoin but a number of decentralize
Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance
Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000.
Rebase Market Carnage: TIME Slips 61%, Wonderland Admin Allegedly Co-Founded Quadrigacx
Rebase Market Carnage: TIME Slips 61%, Wonderland Admin Allegedly Co-Founded Quadrigacx While reserve-based crypto assets like gold tokens and stablecoins have been able to weather
Rakesh Upadhyay7 hours agoCrypto traders shift focus to these 4 altcoins as Bitcoin price flatlinesBitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR
Grayscale Confirms Plan to Convert GBTC Into Bitcoin ETF
Grayscale Confirms Plan to Convert GBTC Into Bitcoin ETF Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-t
FBI seizes $6M from crypto scammers targeting US citizens
Stephen Katte21 hours agoFBI seizes $6M from crypto scammers targeting US citizensTether said it aided in recovering the stolen crypto by freezing the scammers’ wallets, which the FBI then seized.  2931 Total views14
‘Teenage Bitcoin Millionaire’ Co-Founds $1 Million Investment Fund for Crypto Startups
The leaders of crypto payment app Metal Pay, Marshall Hayner and Erik Finman, are launching an investment fund. Dubbed Metal VC, the $1 million dollar fund will focus on micro and a
Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin Miners
Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin MinersRegional reports say that officials from Inner Mongolia delineated 21 bitcoin mines, as the region pl
a16z invests $100 million in EigenLayer — Report
Zoltan Vardai10 hours agoa16z invests $100 million in EigenLayer — ReportThe investment comes as crypto-related venture capital funding has started increasing following the approval of spot Bitcoin ETFs.1550 Total view
Bitcoin Miner Marathon Agrees to Deal That Cuts Electricity Costs by 38% With US Power Company
Bitcoin Miner Marathon Agrees to Deal That Cuts Electricity Costs by 38% With US Power Company Nasdaq-listed Marathon Patent Group has agreed to a joint venture
Biggest Movers: UNI Higher, DOGE in Red on Saturday
Biggest Movers: UNI Higher, DOGE in Red on Saturday Uniswap was in the green to start the weekend, despite cryptocurrency markets mostly consolidating. The token rebounded from los