Interest in Shitkoins in Google queries increased after the mention of this term by the Congressman

The mention of the word “Shitcoin” by Congressman Warren Davidson during the hearings on Libra caused an increase in the number of search queries on Google related to this slang.

During the two-day hearing on Facebook’s cryptocurrency initiative, which took place on Tuesday and Wednesday, US lawmakers repeatedly reiterated that any initiative to launch digital currencies should be strictly regulated.

The head of the blockchain division of Facebook, David Marcus (David Marcus) could not answer a number of uncomfortable questions and comments, one of which was left by Congressman Warren Davidson (Warren Davidson), using the term “Shitcoin” when he spoke about the cryptocurrency Libra.

“Many representatives of the cryptocurrency industry often use a term that may be familiar to you -“ Shitcoin ”is a tool whose value can be distorted by some central authority, because of which people have to risk their money,” he said.

Maximalist Bitcoin and Nakamoto Institute President Michael Goldstein (Michael Goldstein) commented on this statement, noting that it is not a curse word, but a “technical term” that is used in the cryptocurrency space.

“Summing up, the congressmen said the following:“ We share a positive attitude towards Bitcoin, but we treat Libra with a negative attitude, ”said Binance CEO Changpeng Zhao.

Immediately after that, there was a huge surge in search queries on Google for the keyword “Shitcoin”.

Also interesting is the fact that many altcoins in the next 24 hours showed an increase in value, sometimes significantly exceeding the growth of the catalyst of the market – Bitcoin. Recently, this is quite a rare phenomenon.

For example, Bitcoin grew by 17%, while LTC showed an increase of more than 30%.