The age of digital currencies is surely upon us. That’s why cryptos like Bitcoin have received massive reception from many parts of the world. At the moment, a huge percentage of people with access to the internet or serious business circles already know something or a lot about cryptocurrencies.
According to many analysts and investors, Bitcoin may be headed for mass adoption across the world. In their argument, analysts have pointed out the need for currency diversity and the free trading capacity supported by cryptos as some of the major factors driving crypto adoption.
And it’s not just the industry analysts and investors that seem to have seen this light. The man who heads the CFTC (Commodity Futures Trading Commission) thinks that cryptos are really here to stay.
Chairman Christopher Giancarlo aired out his opinion during an interview with CNBC. However, he seemed to agree the digital currency might be headed for a total fiat takeover yet.
To explain his point, Giancarlo said that there are so many countries that would really benefit from the use of cryptos. For example, he noted that some countries have really weak currencies, and that switching to using digital currencies instead of their almost worthless fiat equivalents could well be their best bet for a better currency.
In his view, Giancarlo opines that close to 70% of the currencies used by the 140 countries in the world are struggling, and in 10 years’ time, those regions are highly likely to have adopted cryptocurrencies on a mass scale.
Giancarlo is known for his sentimental address to the congress in which he urged the members not to totally ignore cryptocurrencies, saying that the new digital form is very appealing to young investors.
The speech earned him the nickname “Crypto Dad.” At a time when the United States is cruising as the world leader in various economic sectors, Giancarlo thinks that given some good thought to such matters is the right move for the Congress. He reference the government’s move to embrace the internet two decades ago – and it turned out great.
However, as much as Giancarlo believed cryptos and the blockchain technology deserve a chance to thrive in the US market, he believes that regulatory bodies should be cautious in letting some crypto products into the market.