The cryptocurrencies, especially, Bitcoin are faced with global attention at the time of war between Russia and Ukraine. Russia was on the 14th day of its invasion of Ukraine and with heavy sanctions use of crypto has caught up between the two nations. While crypto exchanges based in the United States were following up to comply with these sanctions imposed on Russia and blocking certain transactions, it was not enough per Senator Elizabeth Warren.
Warren was now moving to draft a bill to track transactions to private crypto wallets to make sure Russia cannot use crypto to evade sanctions. Although many Crypto personalities, including Coinbase CEO Brian Armstrong, have explained that this was not something easily achievable, Warren and three other Democratic senators in a recent letter to Treasury Secretary Janet Yellen claimed of having evidence that some platforms were not following rules to ensure compliance.
More and more people from crypto are joining this untutored act by various politicians.
Billy Markus, the co-founder of Dogecoin and someone who was not exactly friends with the Bitcoin community, was also provoked to try to stop “complete and utter incompetent morons like Elizabeth Warren” from using war to disregard innovation.
An infuriated Markus who goes by the name Shibetoshi Nakamoto took to Twitter and stated,
“hey #Bitcoin people, I know we’re not exactly buddies, but can we come together to try to stop complete and utter incompetent morons like Elizabeth Warren from disgustingly using war to ruin innovation and destroy privacy please thanks”
This was not the first time Markus had questioned the intentions of politicians and governments towards crypto. He had stated,
While the internet like on many other things remained divided over the issue, Markus went on to add,
“and Massachusetts can you stop voting for this incredibly stupid person please it makes your whole state look just as incompetent as her thanks”
Crypto Executive order and Bitcoin
The crypto Twitter found the executive order before its scheduled date. However, it was yet to be signed by the president of the United States, Joe Biden. It read,
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
As it mentions efforts to reduce risk without thwarting innovation, the price of Bitcoin has already been moving upwards. Markus once again pointed at the momentum-driven price and called it a “delusional euphoria.”
At press time, Bitcoin price was at $42,122, after witnessing an almost 10% spike in price from $38,488.