- Bitcoin is considered the standard by US Senator Cynthia Lummis.
- Lummis considers other cryptocurrencies as securities due to their pump and dump nature.
- Other cryptocurrencies require clearer regulatory definition and monitoring.
- Proponents expect Bitcoin’s acceptance as the standard to push BTC price higher in the ongoing bull run.
US Senator Cynthia Lummis told CNBC in an interview that she believes Bitcoin is the only decentralized commodity; the remaining cryptocurrencies behave like securities.
Analysts are bullish on BTC as Bitcoin gains acceptance from US Senator
US Senator Cynthia Lummis has emerged as one of the strongest advocates for Bitcoin. Senator Lummis told CNBC in an interview that Bitcoin is a decentralized commodity while other cryptocurrencies behave like securities.
Senator Lummis believes that Bitcoin is here to stay, and this is not the case for the remaining cryptocurrencies.
"I do think that #bitcoin is here to stay, and I think a lot of the others are not," says @SenLummis. "#Bitcoin is the standard. Everything else has to be monitored differently because they are created differently." pic.twitter.com/yvWvz0hjFm— Squawk Box (@SquawkCNBC) November 2, 2021
Senator Lummis states,
Bitcoin is the standard. Everything else has to be monitored differently because they are created differently.
Senator Cynthia Lummis has been pro-Bitcoin in the ongoing debate for months now. On October 7, the Senator filed a periodic transaction report (PTR) revealing a BTC purchase between $50,000 to $100,000.
PTR filing by Senator Cynthia Lummis.
When Bitcoin has recovered from a drop below $60,000, and BTC ETF Euphoria persists, analysts have predicted that the asset will hit $100,000 by the end of 2021. Bitcoin sets itself apart from other cryptocurrencies since no entity profits from the pump and dump cycles in the asset (inflating prices artificially).
@Crypto_McKenna, a cryptocurrency analyst, believes that Bitcoin’s price trend indicates continuation.
@Phoenix_Ash3s shares @Crypto_McKenna’s bullish outlook on BTC. The analyst argues that Bitcoin is ready to enter price discovery.
FXStreet analysts have evaluated the BTC price trend and set a target of $77,000 for the asset.
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