Crypto mogul Mike Novogratz recently challenged Sen. Elizabeth Warren in a tweet, questioning her views on Bitcoin's value.
This comes after an interview from April 1, 2022, resurfaced, in which Warren stated that Bitcoin has no value because it is not backed by governments and is less valuable than art because you cannot "throw darts at it."
She emphasized that Bitcoin is not backed by governments or banks, unlike other forms of currency, and its value is based solely on belief. In her view, this makes Bitcoin inherently different from other assets like art or precious metals, which have a tangible presence and utility.
Crypto enthusiasts were quick to defend the value and potential of cryptocurrencies like Bitcoin in response to the resurfaced interview. Many argue that the decentralized nature of cryptocurrencies offers increased security, privacy and financial freedom for users.
In his tweet, Novogratz asked Warren if she had spoken to Abigail Johnson, the wealthiest woman in Massachusetts and a Bitcoin believer, suggesting that there are lots of smart individuals who disagree with Warren's stance on cryptocurrency.He questioned Warren's authority to decide what holds value and asked if she thinks all cryptocurrency believers, including Johnson, are stupid.
Warren's concerns, however, are not unfounded. The lack of regulation as well as energy consumption associated with mining remain major issues.