U.S. House of Representatives Brad Sherman said, “At one point, cryptocurrencies were worth $3 trillion, but they didn’t make it easier or cheaper to buy a sandwich at Subway.
If you go to Subway, you can use a debit or credit card.
If you have cryptocurrency, you have to convert it into money, transfer it to your debit card, and then buy a sandwich. Sherman is skeptical of the high valuations of some cryptocurrencies, arguing that there is no logical reason why bitcoin is more valuable than hamstercoin or conecoin. He said the market’s obsession with these digital currencies has attracted charlatans, but he predicted Cryptocurrencies will “fail due to their own problems”.
Despite his harsh criticism, the lawmaker stopped short of calling for an outright deregulation, suggesting markets could self-regulate.