U.S. Senator Elizabeth Warren says that cryptocurrency fuels the fentanyl trade. Here’s why she’s wrong…
Criminals have been using money to conduct illicit activity since long before Sen. Warren was born, let alone cryptocurrency—and she’s 60 years older than Bitcoin (BTC). Whether it’s cash, credit cards, offshore bank accounts—you name it; they’re all fair game.
Warren talks as if banning cryptocurrency would stop criminal behavior, but let me remind you that the most notorious criminals used good old-fashioned cash. Hundred-dollar bills have seen their fair share of bloodshed, but I don’t see anyone blaming the Benjamins.
And let me tell you—blockchain isn’t the criminal’s paradise that Warren makes it out to be. Transactions are recorded on the blockchain forever, with wallet addresses printed for the world to see. If you have a wallet address, you have its full transaction history. You can’t say the same about any off-shore bank accounts that some senators have for themselves.
Speaking of off-shore bank accounts, let’s talk campaign funding. I guarantee our politicians’ pockets are lined with just as much illegitimate money as any crypto wallet.
My point is don’t let these people fool you. Especially after the Binance and Coinbase lawsuits, it’s clear the U.S. government is starting its crackdown on crypto. As it unfolds, remember to think critically, stay informed, and don’t listen to exaggerated claims from people who can barely wrap their heads around Facebook, let alone blockchain.
I covered this week’s biggest crypto headlines during American Institute for Crypto Investors LIVE this morning, including even more hot takes on things like…
- A ridiculous lawsuit against OpenAI by a Georgia radio host is desperate for attention.
- How recent tech layoffs are just the beginning of the artificial intelligence (AI) job loss still to come.
- New AI products from WordPress and DeepMind demonstrate how rapidly AI is developing and what it can already do.
Press play to watch the episode replay:
Founder, Digital Heavyweights