U.S. Senator Cynthia Lummis from Wyoming has asserted that Bitcoin is digital gold while confirming that the asset is here to stay.
Lummis also pointed out that bitcoin is a commodity and the standard for the general crypto industry, unlike other digital currencies that have come along since. Lummis mentioned that Bitcoin is completely decentralized, while noting that most cryptocurrencies that followed would not last much longer, especially those issued by individuals or entities.
According to Lummis, cryptocurrencies that are heavily held by founders and enter circulation do not qualify as decentralized assets. However, she did not mention any specific assets.
Lummis said, “I do think bitcoin is here to stay. And I don’t think a lot of others are, in fact bitcoin is completely decentralized and some of it is issued by individuals or entities that keep a portion of it for themselves. Bulk coins, and then issuing other people to participate means they look more like securities than commodities. Bitcoin is clearly a commodity. It’s digital gold.”