Elon Musk has sided with the Dogecoin founder in his criticism of US Senator Elizabeth Warren about cryptocurrencies being a threat.
In a recent interview, Senator Warren argued that cryptocurrencies are the new threat in town. The basis of his opinion is the half-hearted claim that cryptocurrencies are used to finance terrorism, track drugs and other global criminalities.
Additionally, Warren cited that North Korea is leveraging cryptocurrencies to disburse payments for its nuclear weapons program. Amidst the highlighted concerns, the senator lamented against cryptocurrencies. saying, “We cannot allow that to continue.”
As expected, the American politician’s claim against cryptocurrencies was not welcomed by the crypto community. One of the main voices weighing in on the matter was Billy Markus, the pseudonymous founder of Dogecoin, who goes by the username X “Shibetoshi Nakamoto.”
Specifically, Markus argued that Senator Warren’s hostility towards cryptocurrencies is due to her love and favoritism towards banks and wealthy people. Furthermore, he noted that she now “He hates people.”
Markus’ words represent an accusation that Senator Warren does not support the financial interests of ordinary citizens who may be involved in cryptocurrencies. Furthermore, he noted that the “The young Elizabeth Warren would have declared that the enemy of the people is the current Elizabeth Warren.”
Essentially, the Dogecoin founder’s opinion implies the belief that Warren has become hypocritical and lost touch with the concerns of ordinary people.
Elon Musk agrees
Interestingly, Elon Musk, the billionaire owner of X (formerly Twitter), supported Billy Markus’ criticism of the US senator. He specifically responded to Markus’ tweet, saying: “TRUE.”
TRUE
– Elon Musk (@elonmusk) December 8, 2023
Crypto Share of Terrorist Financing Almost Negligible
It is worth mentioning that the argument that cryptocurrencies are used to finance terrorism is an exaggeration.
Andrzej Gwizdalski, professor at the University of Western Australia, has investigated that, contrary to what people claim, cryptocurrency-based fraud makes up less than 1% of the trillions of dollars involved in criminal activities within the traditional monetary system.
Selecting data from the World Economic Forum (WEF), the United Nations (UN), and Cryptoanalysis, Gwizdalski discovered that fiat currencies, such as the US dollar, are deeply involved in terrorist financing. Specifically, the US dollar and other fiat currencies are found to be involved in $3.2 trillion worth of prohibited activities annually.
Furthermore, the report emphasized that the fiat contribution to crimes is 100 times greater than the share of cryptocurrencies, estimated at a modest $20 billion.
Furthermore, the university academic highlighted that the transparent nature of each transaction on blockchain is particularly a disadvantage for criminal entities, as it makes cryptocurrencies a less attractive option for illicit activities.
