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It is worth noting that people were attracted to cryptocurrencies because of their decentralised existence. Shelton criticised crypto properties, arguing that they were not a “reliable store of value,” especially when users decided to convert Bitcoin to fiat at the end of the day. Shelton, on the other hand, called for a more unified version of it, i.e. the automated dollar. She said that the Fed should be more competitive and that people should be “concerned” about the possibility that the Fed would try to “crush the market” at some stage. As a result, Bitcoin and the altcoins are doomed.
Shelton isn’t the only one arguing against Bitcoin’s store of value theory. Recently, Man Group CEO Luke Ellis said that he sees no need for businesses to keep Bitcoin on their balance sheets. Instead, he regards Bitcoin as a trading instrument that is unsuitable for “long-term asset allocation play.”
Shelton, who is well-known for her support for a return to the gold standard and her critiques of the Federal Reserve, was shocked that the authorities had been “remarkably accommodating” of Fintech innovation. She is “glad” about this fact, and she reiterated that Fintech in general is “good.” When it comes to crypto-assets, she believes that Bitcoin and Ether are at a disadvantage, particularly when compared to fiat currency. She stated:
“All of the cryptocurrencies have one big disadvantage compared to the dollar: when you use them to make purchases you end up having to pay capital gains taxes–I can see benefits to having a digital dollar, and we don’t want China to get ahead of us on that. “