Another Open Letter to Senator Elizabeth Warren

This open letter was originally published on Medium. The text of the letter is below:
Hi Elizabeth,
My name is _____ and I’m an 8th grade student from New Jersey. To be honest, I never really knew who you were until recently when my mom told me about what a big deal your book A Fighting Chance had been for her life story growing up as a single mother in America’s heartland with no health insurance or support system to speak of…As it turns out, Senator Warren has been advocating for policies that would help people like my mom get ahead by giving them access to affordable healthcare and education without being saddled with debt caused by predatory lending practices..She’s also one of the only politicians willing to stand up against Wall Street executives making billions off taxpayer bailouts while doing little more than jacking their own salaries at multi-million dollar levels yet somehow still expecting us mere mortals struggling just trying keep our heads above water not give into their greed anymore! It helps that she knows how hard it should have been getting this far considering she was born white and rich enough parents could afford “private schools” even before most Americans had electricity but now she’s fighting every day so we can all live better lives. That alone makes her worth supporting politically regardless if you’re Democrat or Republican because nobody wants anyone else living worse than they do. This country needs leaders like Elizabeth Warren who are willing to take risks despite facing public criticism instead of cowering away from confrontation looking out only for themselves then turning back around once there safe again saying nothing changed during pre election rhetoric (and here we go again). So please vote! And make sure everyone you know does too! We need this desperately!!

The “leon cooperman letter to elizabeth warren pdf” is an open letter that was written by Leon Cooperman, a former Goldman Sachs partner and the founder of Omega Advisors. The letter was published in response to Senator Elizabeth Warren’s recent criticism of Goldman Sachs.

Another Open Letter to Senator Elizabeth Warren

Senator Warren, Greetings!

Please assist us in maintaining crypto’s nonpartisan status.

There are certain things we need to accomplish together in this fractured political climate. One of them is cryptocurrency investment.

I believe you have the potential to be a big force for good in the crypto sector. But I had to contact you again after reading your letter to Fidelity CEO Abigail Johnson, in which you questioned why people should put a portion of their 401(k) into bitcoin.

Fidelity is enabling American clients to invest a portion of their retirement funds in bitcoin, which is a groundbreaking move. Rather than opposing it, I believe bitcoin is here to stay, and you can be a strong champion for investors in this new financial reality – hopefully with your conservative colleagues.

Another Open Letter to Senator Elizabeth Warren

The Everyday Investor’s Champion

First and foremost, I’m a fan.

I’ve attended your rallies as a Massachusetts voter. I routinely mention your book All Your Worth as a fantastic guide to getting out of debt as a financial writer. As a citizen of the United States, I’ve always appreciated how you’ve taken on the large banks and improved consumer protection, which I assume is a lonely struggle.

Nobody can disagree that you are on the side of the individual American investor, no matter what others say. To keep the US financial system in check, you actually founded the Consumer Financial Protection Bureau.

I understand why your zealous advocacy of consumers — all of us — would cause you to be wary about cryptocurrency. They’re erratic. They are hypothetical. True and accurate!

Cryptocurrencies, on the other hand, have been one of the best-performing asset classes of the previous decade for individuals who have had the guts and patience to invest.

Here’s how the stock market in the United States has fared against bitcoin in the previous three years:

Another Open Letter to Senator Elizabeth Warren

Even more astounding is the performance during the previous five years:

Another Open Letter to Senator Elizabeth Warren

Here are the interest rates that customers may receive by saving their money in crypto “DeFi” services at a time when banks are offering depositors almost no interest:

Another Open Letter to Senator Elizabeth Warren

In other words, banks have once again failed customers. There are almost no items that promote saving, which is why the stock market is so volatile. Bitcoin and other cryptocurrencies may be a viable solution for Americans looking to develop wealth.

I see a wonderful fit between the financial principles you’ve taught for so long and prudent bitcoin investment. Consider a typical investment portfolio:

Another Open Letter to Senator Elizabeth Warren

With just a modest portion of the budget devoted to cryptocurrency (no more than 10%):

Another Open Letter to Senator Elizabeth Warren

Comparing the two options, here are the 3-year returns for the typical American investor:

Another Open Letter to Senator Elizabeth Warren

Allowing Americans to invest a modest portion of their retirement funds in bitcoin might be the most significant financial benefit to this generation. That has definitely been the case so far.

However, they are long-term outcomes. How can customers be protected against bitcoin’s day-to-day price fluctuations? I have a thought.

Another Open Letter to Senator Elizabeth Warren

“As much as 10% in Bitcoin”

Consider going to the Boston Public Garden and riding the famed Swan Boats. You purchase your ticket and take a seat, only to discover that they have been converted into an intense thrill park ride known as “Screamin’ Swans.”

Investors who anticipate bitcoin to be a smooth sailing experience will rapidly discover that with more profit comes greater danger. So you’re correct to be worried about millions of Americans investing 20% of their 401(k) funds in bitcoin, anticipating a smooth ride, without realizing the risk.

While I applaud Fidelity’s initiative in enabling clients to contribute up to 20% of their 401(k) savings (as defined by the employer), I believe the maximum bitcoin contribution should be restricted to 10%.

While bitcoin is technically a “alternative asset,” and most financial gurus accept up to 20% in alternative assets (see Fidelity’s argument), I approach it from a psychological one. What would the investor think if they lose 20% of their investment?

It seems like losing 10% is doable. It’s painful to lose 20%.

When combined with an active education campaign that explains the merits and hazards of bitcoin, ten percent is a realistic level of risk to take in order to reap the benefits of bitcoin’s prospective profits. (You might also require Fidelity to spend extensively in bitcoin education.)

On the other hand, if that ten percent performs well, you’ve moderated market exuberance and prevented things from spiraling out of control. You’ve made it possible for investors to share in the benefit while reducing their risk.

Senator Warren, the genie is no longer contained. The demand for bitcoin is unstoppable, particularly among the younger generation of investors. You can help safeguard them by restricting the maximum amount of bitcoin you may invest in your 401(k) to 10%.

Another Open Letter to Senator Elizabeth WarrenThe bitcoin genie is already out of the bottle for millions of investors.

Keep it bipartisan, please, please, please.

Finally, I feel that if you can work across the aisle on crypto-related topics, your outcomes will be much more successful.

I can’t fathom how tough this must be in reality. However, Republicans and Democrats will be best served if they work together to assist us navigate this new financial ecology.

When we’re at our finest, the two major parties operate as a check on each other, each tempering the other’s excesses. We achieve excellent compromises that serve the public interest. It develops into Twitter feuds when we’re at our worst.

I recommend treading carefully when it comes to crypto, since I believe your opinions will evolve with time. I believe you will find that, when used wisely, bitcoin and cryptocurrencies can benefit the common investor.

Despite its occasional excesses, most people would agree that the stock market has been a long-term force for good. Despite their occasional excesses, most people would agree that banks have been a long-term force for good. Despite its occasional excesses, I think crypto will prove to be a long-term force for good.

Senator Warren, your effort has such a critical purpose: to rein in these excesses. Without brave leaders like you slamming on the brakes, the train would accelerate dangerously, resulting in calamity.

As our consumer watchdog, the crypto business relies on you. I implore you not to resist bitcoin adoption — that war has already been won — but rather to assist in its moderation. Assist us in regulating it. Assist us in making responsible investments in it.

Please collaborate with your colleagues on the other side of the aisle so that I may continue to vote for you.

Hargrave, John Voter in Massachusetts

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