Sun, February 25

Billionaire Mike Novogratz Criticizes Elizabeth Warren Upon Defi

Billionaire Mike Novogratz Criticizes Elizabeth Warren Upon Defi Defi News

As always there still persists a certain group of people in the world who are totally against the concept of cryptocurrency in many terms. They tend to always put forth allegations speculated upon the industry. Yet, with the impeccable growth of the crypto industry in the past decade and the introduction of the crypto regulations widely, these anti-crypto individuals now protest for even more stringent regulations upon the industry. 

The Senator’s Letter

The American Politician and the Senator of Massachusetts Elizabeth Warren sent a letter officially to the secretary of the United States Department of Treasury, Jenet Yellen. Upon the letter, the Senator puts forth all her views on how the cryptocurrency industry poses to the nation’s financial situation. 

Accordingly, she states the majority of the retails and other markets are getting affected profusely due to the crypto industry. 

In addition, she states that the hedge funds which are all now profusely working upon the blockchain technology and with Decentralized Finance (Defi) are all completely lacking in terms of transparency. 

Also, she points out all the risks imposed on the banks with the provident shaft of all credits and cash liquidity flowing towards the cryptocurrency industry. Besides, she also adds soon it wouldn’t be even possible for banks to operate. Furthermore, the letter was sent on July 26 to the secretary. 

Novogratz’s Criticisms

The CEO of Galaxy Investment Partners and the major crypto investor and billionaire, Mike Novogratz took on the senator on the social media platform Twitter on Tuesday.

He completely criticized the anti-cryptocurrency views of the senator. In addition, he mentioned that the senator’s views and actions are totally not progressive to him. 

Furthermore, the billionaire points out that the cryptocurrency industry and banks should not be compared in any terms. Also, he points out banks possess fees of about $12 billion in overdraft alone, many from ATM fees, and much more from account fees. 

On the contrary, he states amidst all this yet the senator says the crypto industry is taking over banks, where only a few percent are in the crypto industry comparing to banks.

Moreover, the billionaire thrashes out that there wouldn’t be any sort of mortgage crisis if the banks were transparent, unlike the Defi. In addition, he points out how the Defi systems are completely transparent and automatic, in contradiction to that of the banks.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.