Cryptodad Forecasts Positive Future for Digital Currency in the US
“Crypto is here to stay” is the message from the chairman of the United States Commodity Futures Trading Commission (CFTC). This confident forecast came from J Christopher Giancarlo, the top US markets regulator.
Whilst Giancarlo doesn’t believe that crypto will ever become the number one currency of choice worldwide and Bitcoin will never take the place of the greenback (US paper dollars issued during the American civil war), he firmly believes that digital currency will be used by two thirds of the world’s countries which do not already have a stable currency, in the next 10 years.
During an interview with CNBC, Giancarlo was quoted as saying:
“I personally think that cryptocurrencies are here to stay. I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies, but there’s a whole section of the world that really is hungry for functioning currencies that they can’t find in their local currencies.”
Each of the 140 countries in the globe has its own currency, but only a third of these are worth the paper they’re written on. Giancarlo suggested that Bitcoin and other cryptocurrencies could be the answer to their problems in the not too distant future.
A champion of digital currency, Giancarlo was hailed ‘CryptoDad’ earlier this year following a testimony he presented to Congress when he revealed how the younger members of his own family had invested in the digital currency, including his daughter and niece. He urged legislators to acknowledge cryptocurrency and not to write it off as a fad for the younger generation. But he did warn that it would be unwise for the government to rush straight in and advised that regulators need to be cautious when approving crypto related products and to adopt a similar “do no harm” technique to the way it approached policymaking for the internet during the early days of its development.
He suggested the US government allow the digital currency market to evolve and contribute to the economy. However, he also made it clear that any fraudulent schemes should be prosecuted by the CFTC and other financial enforcement agencies in order to protect investors and prevent any malpractice. His comments came as somewhat of a boost to the crypto market which had been experiencing a significant slump, bringing hope to crypto fans and investors. Giancarlo’s influence also leads to the creation of two regulated Bitcoin futures which enable traders to bet on which they think the price of Bitcoin will be in the future, without actually investing in it. Having launched last December, the futures have steadily grown in volume. But since then there has been a bit of a blow for those involved in crypto in the US as its blockchain advocate has announced that he will be retiring in 2019 after his five-year contract comes to an end rather than seeking to be reappointed.
Crypto enthusiasts welcomed his positive stance towards the decentralised currency which is the complete opposite to the scepticism and suspicious adopted by many other regulators. He also tweeted favourably about crypto on numerous occasions Cryptodaddy broke the bad news in the financial publication IFLR at the International Swaps and Derivatives Association (ISDA) annual general meeting.
Officially, Giancarlo’s term finishes on April 13, 2019, but he has vowed to carry on serving in his post until President Trump appoints someone to fill his shoes.
Born in New Jersey, Giancarlo, also known as Chris, was appointed Chairman of the CFTC by the US Senate in August 2017 having been appointed by President Trump. Previously, he served as a Commissioner, after being nominated by President Obama in 2013.
One thing’s for sure; the crypto world will sadly miss him.
By Joy Lewis.