Memecoin has been making major gains over the past few months, with Shiba Inu making a massive 100,000,000% over the past year. However, not everyone is convinced by the memecoin hype.
Senator Cynthia Lummis, a Bitcoin supporter, said she is skeptical about the future of meme coins such as Shiba Inu and Dogecoin. She said Bitcoin is the only decentralized digital asset, while all other digital assets have the property of security.
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In an interview with CNBC, the Republican senator said investors need to be careful when dealing with memecoins, which she said are "created by one person or entity who sets a large cap for themselves and then issues it to other people to participate."
Lummis also pointed out that memecoins are not as decentralized as they claim to be. Therefore, these digital assets are more of securities than commodities.
Lummis has been a staunch supporter of Bitcoin. She has previously stated that Bitcoin is digital gold. She further stated that Bitcoin can serve as a standard for the creation and regulation of other cryptocurrencies.
Lummis as a major Bitcoin holder
Lummis, who rose to prominence as Wyoming’s first female senator, urged the country’s regulators to develop a solid regulatory framework for bitcoin that would promote investor protection and spur innovation in the space.
In October, Lummis spoke about the problem of inflation caused by the massive printing of dollars. She said that Bitcoin and other digital assets could help solve this problem. If the dollar depreciates and collapses, Bitcoin could step in to help the economy.
At the time, she said, “Thank God for Bitcoin and other digital currencies that transcend the irresponsible behavior of governments, including our own. This is a rebuke to our responsibility to solve this looming, predictable, and significant problem.”
Lummis also holds personal Bitcoin. She revealed earlier that she bought five Bitcoins for about $300 in 2013. This year, she increased her Bitcoin holdings with a purchase of about $100,000.
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