A US Congressman has urged for cryptocurrencies to be “shut down” because they are too volatile for the typical investor.
Investors should instead focus on the stock market “to assist create American firms” or even the lottery, rather than Bitcoin, according to the Congressman.
Cryptocurrencies have a love-hate relationship with the US Congress. Some, such as Tennessee’s Mark Green, have put a lot of money into Dogecoin and other cryptos, while others, such as Massachusetts’ Elizabeth Warren, have ripped Bitcoin to shreds. California’s Brad Sherman, who is firmly opposed to the business, is the most recent to declare his support. Sherman urged for the United States to ban cryptocurrency, advising investors to instead focus on the lottery.
During a hearing before the House Financial Services Oversight Subcommittee, Sherman expressed his opposition to cryptocurrencies. He spoke out against the new asset class, which he believes is causing more harm than good, throughout the session.
Sherman, like many other crypto detractors, blasted the currency’s volatility, which he feels is the result of one individual taking advantage of the many.
Cryptocurrencies have a high degree of volatility. So, if one individual makes $1 million and retires at 49, Coinbase makes money, but the other nine lose $100,000. The millionaire goes on TV and brags about how great life is, while the other nine are forced to apply for Medicaid rather than retiring in dignity.
“I hope we shut it down,” he said, which was the most significant statement he made.
Sherman, who represents California’s 30th Congressional District, says it’s not simply the volatility that bothers him. He went on to say that cryptocurrencies have the political backing of patriotic anarchists who embrace tax avoidance. I’m hoping we can turn it off.
Sherman recommends that investors devote their money to stocks “or the California lottery to support the schools in my state.”
Diem on Facebook is more dangerous to America than 9/11, according to Sherman.
Sherman is no stranger to attacks on digital currencies. For years, he has been sceptical of digital currencies. In 2019, he urged for Bitcoin to be banned in the United States because it posed a danger to the currency. Bitcoin was going for less than $7,000 at the time. Today, it’s trading at over five times its previous price, which has irritated the lawmaker.
He also described Bitcoin as a currency for criminals, specifically drug dealers, terrorists, and tax evaders, at the time. According to him, in a world where Bitcoin exists, more people will die.
As a result, America must prohibit cryptocurrency in order to defend the US dollar and retain its global dominance.
Sherman’s criticisms on Bitcoin pale in comparison to his position on Diem, Facebook’s digital currency. The digital currency, once known as Libra, has received a lot of hostility in Europe and the United States.
Sherman ripped into Diem, which he disparagingly referred to as ‘Zuckbucks,’ during a hearing in Congress with Facebook’s David Marcus.
The most vehement criticism came when he asserted that ‘Zuckbucks’ will cause more damage to the United States than the 9/11 attacks. This was an exaggerated comparison, especially given that nearly 3,000 people were killed in the 9/11, but it demonstrates the Congressman’s commitment to kicking crypto out of the country.
Osama bin Laden’s ingenious notion of flying two airplanes into towers was the most innovative thing that transpired this century. That is the most significant invention, and it may harm America even more than that.
Mike Novogratz, a millionaire and crypto bull, recently asked the crypto community to do more to educate senators like Sherman in a recent interview.
“He’s talking gibberish in certain ways, and he’s a representative who gets to regulate over us,” Novogratz said.
Bitcoin Brad Sherman is a writer who lives in New York/n
