Former Commodity Futures Buying and selling Fee (CFTC) Chairman Chris Giancarlo, broadly often called the “Crypto Dad,” has reiterated his religion in Bitcoin, describing it as “digital gold” and “an thought whose time has come.”
Giancarlo’s statements come as Bitcoin has not too long ago surged above $100,000 and traders are awaiting a brand new period of crypto-friendly insurance policies beneath the brand new US administration.
In a current interview, Giancarlo particularly highlighted the shift from conventional worth storage to blockchain-based programs in monetary establishments when explaining why Bitcoin’s attraction continues to develop. “We’ve reached a stage the place we are able to transfer past storing info on the web and retailer worth,” Giancarlo mentioned. “Bitcoin, Ethereum, and different cryptocurrencies symbolize protocols that allow this transition to the web of worth.”
He mentioned Bitcoin’s rarity is a key differentiator from fiat currencies just like the U.S. greenback, which continues to lose worth attributable to rising stress. Giancarlo made comparisons by noting that whereas the typical American residence worth has practically doubled in 5 years, its worth in Bitcoin has drastically decreased, demonstrating Bitcoin’s energy as an appreciating asset.
Giancarlo additionally pointed to world adoption developments, noting that nations like El Salvador have benefited considerably from adopting Bitcoin. The nation, which made Bitcoin its official forex in 2021, has seen the worth of its reserves triple in simply two years.
With Bitcoin’s rise coinciding with expectations of a extra optimistic crypto regulation within the U.S., Giancarlo believes the know-how underlying cryptocurrencies will play a transformative function. “Banks went bankrupt, however the web hasn’t gone bankrupt in 40 years,” Giancarlo mentioned, including that blockchain know-how might make processes like property transfers instantaneous by eliminating middlemen.
*This isn’t funding recommendation.
