Recall that Elizabeth Warren is one of the most prominent opponents of cryptocurrencies in the US Senate. Things have gone so far here that the day before Warren, among other things, decided to build her re-election campaign for the Senate around her hatred of cryptocurrencies. She announced that she was “raising an army against cryptocurrencies”.

In doing so, Warren’s staff pitched the idea of fighting against digital assets as allegedly wanting to get “the government to stand up to working families”. Exactly how cryptocurrencies interfere with the working class is unknown.

And Elizabeth herself is 73 years old today, so an understanding of the basics of decentralisation, blockchain and other such topics is not something you can even think about here.

What are they criticising cryptocurrencies for?

Senator Warren stated that CBDCs are backed by governments. Such digital currencies would be stable and secure, something Bitcoin supposedly cannot provide. In the eyes of politicians, BTC is still an “ephemeral token” without any fundamental value.

The claims that Bitcoin and other cryptocurrencies have no value are based on a misunderstanding of digital assets. First and foremost, it is a tool that allows people to store and transfer value without depending on any intermediary. Accordingly, transfers of notional BTC cannot be blocked by the government, a judge or a policeman - nor can cryptocurrencies in personal wallets be seized. And at the very least, this independence of the digital asset system makes them valuable. Well, in essence, the benefits of coins are much greater.

Warren noted that Bitcoin is backed by nothing but the belief in its value of cryptocurrency buyers. Contrary to frequent comparisons to precious metals, Bitcoin should also “not be called digital gold” because the mining conditions for crypto and gold are significantly different. Warren also disagreed with comparing BTC to works of art – their value is allegedly formed based on different factors, CryptoSlate reported.

The politician agrees that CBDCs are similar to Stablecoins in terms of their properties. However, there is one condition that introduces a mark of inequality between these asset types – coin backing. Stablecoins rely on the issuance of individual companies and their reserves, but CBDCs will be entirely dependent on governments.


Perhaps until 2023, this argument would indeed have been persuasive. However, after the March collapse of the banking sector, it has become clear that local currency money in the bank is not safe. It could depreciate - if not disappear altogether - as a result of not the most prudent actions of bank management or the financial system as a whole. So today, capital owners should seriously consider non-custodial storage of digital assets using hardware wallets. It is now almost the most secure way of interacting with their own assets.

And the tales of the reliability of conventional money due to its connection to governments can be forgotten. Their irrelevance was proved by the representatives of traditional financial system themselves.


Previously, the senator has repeatedly criticized the crypto-industry on the basis of the most popular negative factors in the form of too high energy consumption and use of cryptocurrencies by criminals. However, Warren forgets that criminals also use dollars – as well as any other fiat currencies.

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Meanwhile, Bitcoin could once again “rub the nose” of all its critics with another wave of rapid growth. This was announced the day before by Charles Edwards, founder of hedge fund Capriole Investments. According to him, the main cryptocurrency is repeating its movement in 2013 based on data from indicator SLRV Ribbons.


As a reminder, SLRV Ribbons is a tool to measure Bitcoin's potential profitability. It is based on the short-term and long-term realised value (SLRV) ratio of renowned analyst David Piwell.

In general, the SLRV ratio measures the percentage of BTC supply active in the last 24 hours and compares it to the percentage of supply active six to twelve months ago. That is, the overall result shows how active the short-term and long-term supply of coins is at the moment.


According to Cointelegraph sources, an investor is able to get an idea of the sentiment and likely trajectory of the price, but these supply values can change over time. SLRV Ribbons solves this problem by analysing the interaction of two moving averages (MAs). When the short-term 30-day MA crosses the long-term 150-day MA, Bitcoin is at the beginning of a bullish phase. This is exactly what can be seen in the chart above right now.

A similar situation in the market took shape in 2013. At that time, the major cryptocurrency crossed the $1,000 mark for the first time in history. Since the beginning of 2019, this has also been the trend: with Bitcoin setting its current historical high of $69,000 two years later during the last bull run in 2021.


We think the unhelpful criticism of cryptocurrencies has become even less relevant in 2023. Over the past few weeks we have seen that the Fed, ECB and other central banks are not run by geniuses, but by ordinary people who are prone to making mistakes. In that respect, the economy is now in a difficult situation, where inflation is still not defeated and even banks are starting to implode because of the excessively high base interest rate. It ends up being another liquidity injection into the system, the consequences of which the bankers have been trying to deal with for the past year. So digital assets are clearly not the worst idea in the current environment, but Warren is unlikely to deal with them.