Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Meme Coins => Dogecoin Forum => Topic started by: Jaya60 on June 05, 2021, 06:26:08 AM
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Rep. Warren Davidson's co-panelist at Bitcoin 2021, Sen. Cynthia Lummis, referred to trillions of dollars in debt creation as "anti-American."Many Bitcoin proponents have chided the US Federal Reserve for its policy during (and before) the coronavirus pandemic of printing money to stimulate sections of the economy.
Cryptocurrency proponent Rep. Warren Davidson (R-OH) thinks the Fed's monetary policy bears some resemblance to the tokenomics of the world's sixth-largest cryptocurrency.
"The Fed is basically Dogecoining the US dollar," said Davidson at the Bitcoin 2021 conference today, referring to the production of 10,000 new DOGE roughly every minute. By contrast, only 21 million Bitcoin will ever be minted. "There's a benefit to scarcity that the Dogecoiners don't apparently get," added Rep. Davidson. "Nor does the Fed."source (https://decrypt.co/72818/federal-reserve-dogecoining-us-dollar-rep-davidson)
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Yes, I read somewhere that Davidson, Senator Loomis fears that monetary expansion will fuel unwarranted inflation and reduce the purchasing power of the dollar. While Bitcoin and the US dollar choose to work together, the value of the US dollar may still be the leading global currency to trade. Bitcoin will take over the role of gold. On the gold standard, the dollar is backed by gold reserves, but Senator Loomis remains open for BTC to lead the market.