Congressman implies Facebook’s Libra is a ‘shitcoin’

Congressman Warren Davidson really wants to talk about shitcoins.

The representative from Ohio took pains Wednesday to make that clear during a congressional hearing examining the potential ramifications of Facebook’s proposed Libra digital currency. Over the course of the hearing, Davidson highlighted all the perceived benefits of bitcoin and laid out how “shitcoin” — like, he implied, Libra — fundamentally differ.

In questioning Meltem Demirors, CoinShares’ chief strategy officer, Davidson first introduced his likely befuddled colleagues to the crypto term of art. 

“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,'” noted the congressman around the 2:49:40 mark in the below video. “Are you familiar with that phrase, and what people might mean by that?”

“I am,” replied Demirors.