The Irony Of Elizabeth Warren’s War On Bitcoin

Elizabeth Warren can’t see that Bitcoin is a lifeboat from the predatory banking practices she advocates against.

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, the hosts are joined by Margo Paez, a climate change physicist and fellow at the Bitcoin Policy Institute who advocates for Bitcoin from a progressive mindset.

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Q: I just want to give you the opportunity to speak directly to Elizabeth Warren… Say exactly what you hope to say to her to… change her mind [on Bitcoin].

Margot Paez: Elizabeth Warren really doesn't understand Bitcoin, that's for sure. I find it really ironic that Elizabeth Warren used to be a champion of the people against the banking system, against Wells Fargo, against Chase, against HSBC, against all of these companies that took advantage of people during the financial crisis.

And she used to be an advocate. And in fact, I've heard her even over the pandemic, she was really critical of the amount of banking fees that were being put on people during the pandemic. And she was right...Why are you charging people all these fees just to hold their money in your bank account when they, again, have no choice but to put it in your bank account, right?

Again, it's another one of those oligopoly situations where you don't have the freedom of choice in terms of banking.

So, I would challenge her to think like, what really is the solution that you want? How do you really wanna solve this problem? Because there is an existing solution, it's called Bitcoin, and it's one where people can actually exit the existing banking system, take custody of their own money and not worry about fees, not worry about banks taking advantage of them because it’s their money and they’re managing it themselves or they’re managing it in their community…

You want community banks? You can have a community bank with Bitcoin… These are the solutions that I thought Elizabeth Warren wanted [but] it seems that she doesn’t really want to help people…

Ultimately … Bitcoin is a lifeboat. And what’s wrong with people having a lifeboat?