At Miami Bitcoin Conference 2021, Rep Warren Davidson said, Fed is dogecoining the US dollar referring to the massive money printing.
Warren Davidson was attending a panel along with Senator Cynthia Lummis. The panel discussed the topic, “Bringing Bitcoin Innovation Home to America”.
Several financial industry leaders were there at the panel. Some of them are Ryan Louvar of Wisdomtree and Matt Hougan of Bitwise.
Rep Warren said that, Federal Reserve is dogecoining US Dollars while addressing the panel. He compared the Feds money printing to dogecoining. He mocked the FED’s plan to print more money. And he used dogecoining as a scapegoat.
The Federal Reserve has recently decided to expand the monetary policies of the USA. They decided to print more money for that.
Many Crypto proponents have rebuked Fed’s monetary policy to print more money.
The printing of more money will make an unending pool of money in the market. The market will have a continuous flow of money. Dogecoin has the same kind of property. It has a regular flow in the market.
In fact, the ever increasing supply of dogecoin was the reason for that comparison. Firstly, there are plenty of dogecoin miners in the field.
Secondly, dogecoin miners were rewarded 1000 doge per block.
Hence, the blocks are created every minute. This results in the creation of $14.4 million doge every day, indeed. Thus, it creates an infinite supply. There are over 129 billion Doge in circulation, today. In conclusion, at this level if the FED creates a money supply in the market, it will be disastrous.
Davidson added,
“There is a benefit in scarcity that doge coiner’s don’t get. And, apparently neither does the Fed”
Also, Rep Lummis viewed that it’s anti American to destroy money like that.
Rep. Davidson and Lummis fear that this policy is hazardous. It may contribute to inflation. Further they added that it may lower the purchasing power of the US dollar.
Further they added that this policy may contribute to inflation. Also, they raised several concerns over the increasing national debt and balanced budget.
In addition, S. Lummis added, she prefers Bitcoin and the US dollar to coexist.
So excited that there’s bicameral support for #crypto clarity in Congress. If we do this right, we will cement the US as the leader in innovation and entrepreneurship. #Bitcoin2021 https://t.co/CwkxTUZ4cy
— Warren Davidson (@WarrenDavidson) June 4, 2021
Recommended for You
