Following the cryptocurrency’s ridiculous ascent during the first half of the year, the George Mason University professor finds himself forced to begrudgingly admit that the nascent asset is “probably here to stay.”
And he says you can thank Elizabeth Warren for that.
How Elizabeth Warren Is Driving the Bitcoin Price Boom
The bitcoin price has roughly quadrupled since bottoming out in December 2018. | Source: TradingView
Writing in a Bloomberg Opinion column, Cowen lays out his best explanation for the bitcoin price’s triumphant – and breakneck – march to as high as $13,880 this week from a low of $3,122 in December 2018 (prices from Bitstamp).
However, there’s one suspect in his lineup that sticks out: Elizabeth Warren.
Well, not just Elizabeth Warren. Really the entire Democratic party – or at least what you see of it on Twitter. And on the debate stage.
“[T]he Democratic Party in the U.S. continues to shift to the left, including on the possibility of a wealth tax. As America’s fiscal deficits grow (due often to the Republicans, I might add), there will be a long-term need to restore fiscal sanity. Presidential candidate Elizabeth Warren, for one, advocates a 2% wealth tax (over $50 million) toward this end.”
Many wealthy Americans won’t take kindly to that wealth tax.