In a panel during the Bitcoin 2021 conference, Republican Congressman, Warren Davidson, compared the US dollar to Dogecoin.
“The Fed is basically ‘Dogecoining’ the US dollar,” said Davidson while talking about how much money printing is going on by the Federal Reserve.
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The Congressman likely made this comparison due to Dogecoin’s enormous and ever-increasing supply. Dogecoin miners are rewarded 10,000 DOGE per block and blocks are created every minute. This means that $14.4 million DOGE are created a day, creating an infinite supply. Today, there is well over 129 billion DOGE in circulation.
The panel was comprised of various financial industry leaders including Ryan Louvar of Wisdomtree, Matt Hougan of Bitwise, Steve McClurg of Guggenheim Partners, Annmarie Tierney of Liquid Advisors and republican representative of Ohio, Warren Davidson.
The topic of the panel was to discuss the potential for a regulated Bitcoin investment product like an ETF.
Steven McClurg, the previous managing director at Guggenheim Partners, said that “with all these countries printing fiat it is powerful to have an asset that is set. While we are waiting for a regulated product you can still buy Bitcoin today.”
When the panel was asked when they thought a Bitcoin ETF could actually be approved they all thought it would come within the next year or two. Congressman Davidson said he was positive that the SEC would begin seriously considering the option.
“I’m optimistic that we’re going to see some momentum out of the SEC,” said Davidson.
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