Altcoin News: Interest in “Shitcoin” on Google Took off After the Remarks of Congress

July 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

In the course of yesterday’s hearing about Facebook’s cryptocurrency project, American lawmakers repeated that every initiative to launch digital currencies should be strictly regulated if they should be allowed at all.

The head of the blockchain division of Facebook, David Marcus, had to answer a lot of uncomfortable questions, often without success.

One of the remarkable comments was given by Congressman Warren Davidson, using the term “Shitcoin” in the context of the Libra cryptocurrency.

“A lot of people in this space will use a phrase that you may be familiar with: ‘there’s bitcoin, and then there’s shitcoin,’ … All these features are different from many of the things people call colloquially ‘shitcoin’ because the value can be distorted by a central authority, so people do really have their assets at risk.”

Bitcoin-maximalist and President of the Nakamoto Institute, Michael Goldstein noted:

“Shitcoin” is not profanity. It is a highly technical term in monetary economics. I sincerely thank @WarrenDavidson for introducing such an important concept to the rest of the members of the US Congress.” “So basically, congressmen are: bullish on bitcoin, just not so hot on Libra,” commented Binance CEO Changpeng Zhao.

Against the background of Davidson’s statement, the number of Google searches for the “Shitcoin” keyword has increased rapidly.

It is also curious that immediately after these events, many Altcoins in the 24-hour segment in terms of growth rate overtook Bitcoin — a rare phenomenon in the recent history of the cryptocurrency market.

Bitcoin rose by 3% and again approached the level of $10,000, while Litecoin, Bitcoin SV, TRON, Chainlink, NEO and Ontology rose by more than 10%.