After Elizabeth Warren, the U.S. Senator for Massachusetts called bitcoin a speculative asset, Ro Khanna, the U.S. House Representative for California has spoken in favor of the crypto asset. In his Twitter statement, Khanna says â€œbitcoin just like digital gold cannot be devalued.â€
Khanna also lauds the crypto assetâ€™s decentralization, an attribute which he says â€œpromotes transnational exchange whilst providing a check against economic mismanagement.â€
Awareness of the Concerns
In her recent comments about the crypto asset, Warren said she agreed with the U.S. Treasury Secretary, Janet Yellenâ€™s contention that BTC is a speculative asset. Further, in a bit of apparent advice to cryptocurrency investors, Warren warns this is â€œgoing to end badly.â€ For her part, Yellen says BTC is extremely inefficient due to the crypto assetâ€™s perceived disproportionate energy use.
Meanwhile, in his tweet, Khanna appears to be cognizant of the concerns that are often peddled by opponents of the leading crypto asset. Khanna said:
â€œLet us nurture it but protect consumers, prevent abuse, and invest in less carbon-intensive mining. That should happen in America.â€
In the meantime, on Twitter, not many agree with Khannaâ€™s pro-BTC comments. In many of their responses, Twitter users repeat the common attack points against BTC. For instance, one user known as August has added electronic waste to the crypto assetâ€™s perceived energy waste. The user tweeted:
â€œGfx cards that are typically used for the mining of crypto are bought and discarded much more quickly than they would otherwise be in their typical use cases.â€
Another user, Forza Manchester City dismisses the crypto assetâ€™s decentralization attribute. The user asserts that â€œdecentralization of bitcoin is just in theory.â€ According to this user, BTC â€œwill very likely always be controlled by a few major mining pools.â€ On Khannaâ€™s contention that the crypto assetâ€™s decentralization can provide a check against economic mismanagement, the user disagrees. Instead, he claims BTC decentralization only helps to â€œobfuscates movements of speculative actors.â€
Still, some Twitter users are applauding Khanna for trying to make a real change instead of â€œdoing nothing.â€
What are your thoughts on Ro Khannaâ€™s remarks about BTC? Tell us what you think in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.