The US Senator Cynthia Lummis does not believe memecoins such as 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
Despite garnering a lot of attention and tapping new all-time highs during 2021, investors should beware when dealing with memecoins like Shiba Inu and Dogecoin, asserted Republican Senator Cynthia Lummis in a 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.” Indicating that they are not entirely decentralized, Lummis described them as securities 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 primary cryptocurrency is digital gold. It is also the “standard,” while all the others must be “monitored 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 for more developments in the digital asset space and provide protection for the local investors.
‘Thank God for Bitcoin’
Senator Lummis has displayed her support towards the leading digital asset numerous times. Last month, she touched upon the mass printing of US dollars and the following rising inflation in the States, describing the government as “irresponsible” for undertaking such policy.
Still, bitcoin and other digital assets can act as a countermeasure. In the event of the dollar’s collapse, “non-fiat currencies” such as BTC can flourish and aid the shuttered economy, she concluded:
“Thank god for Bitcoin and other digital currencies that transcend the irresponsibility of governments – including our own. That is an indictment of our responsibility to address this looming, predictable, massive issue.”
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 opined people should buy and hold the token for protection, adding she has no plans to sell her stash.
This summer, she topped up her bitcoin holdings with up to $100,000 worth of the cryptocurrency.