Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

US Congressman: Bitcoin (BTC) Is a Great Store of Value, Central Bank Printing Has Consequences

by Daily Hodl Staff
June 10, 2020
in Bitcoin, Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

US Congressman Warren Davidson thinks Bitcoin is a great store of value while taking shots at central banks for their efforts to print more money.

In a new interview with Laura Shin of Unchained, the Ohio Republican lauds the potential of crypto assets. He also criticizes how frequently modern central banks print money.

“Some people in the space don’t support central banks. I think a central bank has a role, but I do think it’s cautionary, as people say, ‘Oh, we should print another three trillion [dollars] and another.’

The modern monetary theory: people that believe if you have a central bank, you can just keep printing [money]. That’s not what history shows, and frankly the logic of it is that you can just dilute the value of everyone’s money and there’s no consequence for it, and that’s completely irrational. So people in the crypto space and obviously Bitcoin fans will see the fallacious argument for what it is.”

But that doesn’t mean Davidson thinks Bitcoin should replace the dollar. The congressman doesn’t believe BTC is nimble enough to a be national currency, particularly in light of the economic demands caused by Covid-19.

“I think if you had Bitcoin as your national currency you would see the lack of flexibility that [BTC] would provide for a central bank in a situation like this. I view Bitcoin personally kind of like digital gold versus a true currency. I think it’s a great store of value.”

Davidson, a former US Army ranger, took an interest in Bitcoin early on due to his background owning and operating manufacturing companies, which were forced to deal with inefficiencies in terms of processing international payments.

As a congressman, Davidson authored the Token Taxonomy Act of 2019, a comprehensive piece of legislation intended to support innovators in the crypto economy and provide regulatory clarity for blockchain businesses.

The act would provide a four-part test for tokens to avoid designation as securities.  According to Davidson, the legislation would state that unsecuritzed tokens must be: already created and functioning (a live network), on a distributed ledger that doesn’t require a third party to transfer assets, unable to be altered by a central authority, and not represent shares of an entity.

But due to a recent change in committee chairs, the congressman isn’t optimistic about the bill’s short-term prospects.

“Clearly the most vocal opponent in Congress of this space is Brad Sherman. Brad Sherman is a Democrat from Los Angeles and now he is the chairman of the Captial Markets Subcommittee…. it’s safe to say that as long as he’s in that chairmanship, it’s going to be a challenge to move legislation.”

Davidson says he doesn’t personally own any Bitcoin, noting that it would be inappropriate – though not technically against the rules – due to his public role as a legislative advocate for the crypto space.



Check Latest News Headlines




Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Gary Blakeley

Submit a Press Release

Crypto Livewire – Press Releases

  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
  • Blockchain Provider Orbs Is Now Accessible Through the AWS Marketplace
    April 8, 2021
  • Taraxa to Integrate a Chainlink Timestamp Oracle for Tracking Informal Transaction Agreements
    April 8, 2021
  • Immutable X Launches Gas-Free Layer-2 Solution Paving the Way to Mainstream NFT Adoption
    April 8, 2021
  • SpiderDAO Announces TestNet Deployment
    April 7, 2021
  • The Crypto Card With Everyday Purchasing Power That Gives You Full Control Over Your Assets
    April 7, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$60,115.00
$60,115.00
0.42%
Ethereum
$2,136.47
$2,136.47
1.6%
Binance Coin
$466.88
$466.88
1.09%
XRP
$1.45
$1.45
37.15%
Polkadot
$40.72
$40.72
2.92%
Cardano
$1.23
$1.23
1.2%

Spotlight

  • Banking Giant JP Morgan Lowers Bitcoin’s Long-Term Bullish Target – Here’s Why
    April 5, 2021
  • Billionaire Mark Cuban Believes Bitcoin Will Replace Gold on Massive Scale
    April 9, 2021
  • Giant Crypto Whale Emerges, Moving $703,000,000 in Bitcoin in an Instant – Here’s Where the Crypto Is Now
    April 3, 2021
  • These Six Crypto Assets Are Gearing Up To Erupt, According to Analyst Cantering Clark
    April 6, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl