Price Controls Needed as Surging Prices Make Bitcoin Unaffordable to Average Joe
Washington D.C. – U.S. Senator Elizabeth Warren is leading the charge for price controls on Bitcoin as the cryptocurrency price has surged to over $67,000 today. Senator Warren is calling on Coinbase, and all other exchanges that sell Bitcoin, to lower prices or else face federal regulation in the form of price controls.
Senator Warren's recent post on X addresses the issue as she claims Americans are struggling to adjust to rising costs caused by inflation. Warren blames Coinbase which she claims is seeing record profits due to its role in raising the price of Bitcoin to the point it's becoming completely unaffordable to the average consumer. Warren claims Congress may be forced to explore price controls if Coinbase doesn't lower prices voluntarily.
It's unclear how Congress would enforce price controls as Bitcoin is a globally traded commodity. Some policy experts have floated the idea of capping Bitcoin's price at $50,000 and only allowing the price to increase at a set rate, 3% for example, per year. Analysts insist this will lead to shortages where price controls are enforced leading some to worry Coinbase and other large U.S exchanges will run out of Bitcoin.
If price controls are explored, expect a run on exchanges as users seek to buy Bitcoin before it runs out and withdraw it for sale on exchanges which do not comply with U.S. imposed price controls.
"We want to make sure Bitcoin is affordable to middle class and working class families, not just the elite class." Warren said in a statement. Dennis Porter did not respond to a request for comments from the Bugle before press time.
