The Doge Congregation will not like that. Representative Warren Davidson spared no bullets in a panel at the Bitcoin conference in Miami. He compared the recently rampant US Federal Reserve’s money printing to the unlimited and ever-growing supply of Dogecoin. “There’s an advantage in scarcity that Dogecoinner doesn’t get, and neither does the Fed, apparently.” he added.
Davidson was on a panel with Senator Cynthia Lummis entitled “Bringing Bitcoin Innovation Home To America”. On paper it seemed one of the weaker ones. In the end, it offered an unprecedented glimpse into the perspective of the first politicians to fall into the bitcoin rabbit hole, this new asset class. About printing money, Lummis said that “anti-American for destroying our money in this way. If we are completely out of joint, Bitcoin can back it up and be the standard.“
Related reading | Small and medium-sized businesses can add Bitcoin to their balance sheets. A story.
Davidson believes there is no regulatory clarity
Politicians are only interested in a few things, money is one of them. “If we don’t get this right, capital will flow out of the United States“Said the representative with reference to the regulation around Bitcoin. According to him, Congress should pass laws and define: “What is a security and what is not?“The country needs more clarity. The country has to protect the good ideas. Davidson doubled his thesis: “This will attract capital investment.”
Lummis wants to keep the dollar as the world’s reserve currency
Quite a controversial idea, Senator Cynthia Lummis thinks Bitcoin would be key to ensuring that the U.S. dollar remains the world’s preferred reserve currency. She believes that China will unveil the digital yuan during the 2022 Winter Olympics and that the United States will have to keep up.
Regarding regulation, she said: “We want to create a level playing field“So that innovators can work in accordance with the rules. She declared herself “optimistic about the future of regulation” and asked, “Why should we want to stop innovation?” A good question for lawmakers everywhere. To creators in the United States, she said: “You don’t have to look elsewhere for your future. Your future is right here. “
Privacy is the key. And your private keys too.
When asked about cybercriminals’ use of cryptocurrencies, Senator Cynthia Lummis said: “There is so much more fraud in regular fiat currency than there is in cryptocurrency. “Boom. When asked about data protection, Representative Davidson promised:protect private wallets,“And urged people to be just as concerned about the privacy threat as they are about the threat of the second amendment. He also said the IRS is soliciting too much information. People’s investments, be it in crypto or otherwise, are “not their business”.
Another important thing, Lummis emphatically said, Bitcoin is a commodity. Not only that, it doubled the idea, “Bitcoin is the country’s primary commodity, and that comes from a rancher. “Boom.
DOGE price chart on FTX | Source: DOGE / USD on TradingView.com
But … back to Dogecoin and Elon Musk
It is hard to believe that a politician like Davidson understands a concept so easily that eludes the man who is supposed to bring humanity into space. In a recent NewsBTC article, our sister site quoted Elon Musk talks about the possibility of DOGE to become the worldwide reserve cryptocurrency:
Which one will it be? Maybe there will be several, it should be considered speculation at this point. The point is, Dogecoin was invented as a joke, essentially to make fun of cryptocurrencies. Fate loves irony, what would be the most ironic result? That the currency invented as a joke actually becomes real currency. To the moon!
Related reading | US Congress Votes Bill To Exempt Crypto From Securities Regulations
In response, NewsBTC commented:
That’s cute! Still, the basic characteristics of DOGE make it an impossible result. The supply is unlimited and the system mints an absurd amount of new coins every day. If the world wants a perpetual-motion printing machine that cancels the owner’s coins every minute, it already has the Fiat system.
And mind you, the eternal printing was the main part of the doge joke. It seems that the punch line flew over Elon’s head.
Representative Warren Davidson certainly got the joke.
Featured image of Hello I’m Nik on Unsplash – Charts by TradingView