The Doge community is not going to like this. In a panel at the Miami Bitcoin conference, Representative Warren Davidson spared no bullets. He compared the US Federal Reserve’s rampant money printing of late to Dogecoin’s unlimited and ever-increasing supply. “There’s a benefit in scarcity that dogecoinners don’t get, and apparently neither does the Fed,” he added.
Davidson was in a panel alongside Senator Cynthia Lummis, the title was “Bringing Bitcoin Innovation Home To America.” On paper, it seemed like one of the weaker ones. It ended up offering a never-before-seen inside look at how the first batch of politicians to fall into the Bitcoin rabbit hole see this new asset class. About the money printing, Lummis said that it’s, “anti-American to destroy our money in that way. If we go off the rails completely, bitcoin can underpin it and it can be the standard.“
Davidson Thinks There’s No Regulatory Clarity
Politicians only care about a few things, and money is one of them. “If we don’t do this right, the capital will flow out of the United States,” said the Representative referring to the regulation around Bitcoin. According to him, Congress should pass law and define, “What is a security and what’s not” The country needs more clarity. The country needs to protect the good ideas. Davidson doubled down on his thesis, “That’s going to attract the capital investment.”
Lummis Wants To Keep The Dollar As The World’s Reserve Currency
A rather controversial idea, Senator Cynthia Lummis thinks that Bitcoin would be key in ensuring that the US Dollar stays the world’s reserve currency of choice. She thinks that China will unveil the Digital Yuan during the 2022 Winter Olympics and that the United States needs to keep up.
As for regulation, she said, “We want to make a level playing field,” so that innovators can work knowing the rules. She declared herself, “optimistic about the future of regulation,” and asked, “Why would we want to stop innovation?” A good question for legislators everywhere. To creators in the US, she said, “You won’t have to look to other places for your future. Your future is right here.”
Privacy is key. And so are your private keys.
When asked about cybercriminals’ use of cryptocurrencies, Senator Cynthia Lummis said, “There’s so much more fraud in regular fiat currency than there is in cryptocurrency.” Boom. When asked about privacy, Representative Davidson pledged to “protect private wallets,” and asked people to worry about the threat to privacy as much as a threat to the second amendment. He also said that the IRS asks for too much information. People’s investments, be it in crypto or otherwise, are “none of their business.”
Another key thing, Lummis emphatically said that bitcoin is a commodity. Not only that, she doubled down on the idea, “Bitcoin is the most important commodity in the country, and that’s coming from a cattle rancher.” Boom.
DOGE price chart on FTX | Source: DOGE/USD on TradingView.com
But… back to Dogecoin and Elon Musk
It’s hard to believe that a politician like Davidson so easily understands a concept that eludes the man who’s supposed to take humanity into space. In a recent NewsBTC article, our sister site quoted Elon Musk talking about the possibility of DOGE becoming the world’s reserve cryptocurrency:
Which one it is going to be? Maybe it’ll be multiple, it should be considered speculation at this point. The point is that Dogecoin was invented as a joke, as essentially to make fun of cryptocurrencies. Fate loves irony, what it would be the most ironic outcome? That the currency that was invented as a joke, in fact becomes the real currency. To the moon!
Related Reading | US Congress to Vote on Bill Exempting Crypto from Securities Regulations
And, reacting to that, NewsBTC commented:
That’s cute! Nevertheless, DOGE’s fundamental characteristics make it an impossible outcome. The supply is unlimited and the system mints an absurd amount of new coins every day. If the world wants a perpetual-printing machine that devalues the holder’s coins by the minute, it already has the Fiat system.
And, mind you, the perpetual printing was the main part of the Doge joke. It seems that the punchline flew over Elon’s head.
Representative Warren Davidson certainly got the joke.
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