The recent US congressional hearing focused primarily on Libra’s criticism and Facebook’s ambitions for global financial dominance.
Senators agreed that Facebook is dangerous, and any attempts to launch its own digital currency should be strictly regulated if the project is in principle acceptable.
This attitude is not surprising, given the company’s recent failure in data protection and cyber security.
However, at the meeting there were several other interesting points, not directed against Bitcoin and cryptoindustry.
One of the senators argued that Bitcoin could not be destroyed. In an interview with CNBC, Patrick McHenry added that even the Chinese with their firewall could not block BTC.
Perhaps this is a coincidence, but for the first time in a long time, search queries on the word “altcoin” are superior to “bitcoin”. We probably owe this to Congressman Warren Davidson, who used the word “shitcoin” in relation to Libra.
Now, many in cryptospace will use the phrase “there is bitcoin, and there are still shitcoins”. Bitcoin-maximalist and President of the Nakamoto Institute Michael Goldstein believes that “Shitcoin” is not a curse. This is a technical term in the monetary economy.
As we see on the graph in the tweet, in the end, the search for the word “Shitcoin” in Google Trends has increased dramatically: