US Senator Cynthia Lummis doesn’t think memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) are “here to stay”. She opined that Bitcoin (BTC) is the only decentralized commodity, while the rest of the crypto assets behave like securities.
Memecoins are not like Bitcoin
Although they have garnered a lot of attention and reached new all-time highs in 2021, investors should be careful when dealing with memecoins like Shiba Inu and Dogecoin, Republican Senator Cynthia Lummis said in a statement. recent interview for CNBC.
She noted that most altcoins, including Dogecoin and its copycats, are “issued by a person or an entity that capped a large block of the coin for themselves and then issued others to participate.” Stating that they are not fully decentralized, Lummis described them as titles and not commodities.
It is worth noting that the American politician is one of the most outspoken bitcoin advocates. As such, she claimed that the main cryptocurrency is digital gold. It is also the “norm”, while all the others must be “supervised differently because they are created differently”.
Subsequently, Lummis – known as the first woman to represent the state of Wyoming in the US Senate – urged the American regulators to impose a comprehensive regulatory framework on bitcoin. She believes the move would allow further development in the digital asset space and provide protection for local investors.
‘Thank God for Bitcoin’
Senator Lummis has displayed her support towards the leading digital asset numerous times. Last month, she referred to the mass printing of US dollars and the subsequent rise in inflation in the United States, describing the government as “irresponsible” for undertaking such a policy.
Still, bitcoin and other digital assets can act as a countermeasure. In the event of a dollar collapse, “non-fiat currencies” such as BTC can thrive and help the closed economy, she concluded:
“Thank god for Bitcoin and other digital currencies that transcend the irresponsibility of governments – including our own. It is an indictment of our responsibility to resolve this impending, predictable and massive problem. “
Lummis is also a long-time bitcoin holder. Back in June, she revealed owning five BTC, which she bought in 2013 when the USD value of the asset stood at $300 apiece. The senator felt that people should buy and hold the token to protect themselves, adding that she had no plans to sell her stash.
This summer, she topped up her bitcoin holdings with up to $100,000 worth of the cryptocurrency.
