OK, to be totally precise, the head of the CFTC (U.S. Commodity Futures Trading Commission), Christopher Giancarlo, said “two thirds” of fiat currencies currently in circulation are “not worth the polymer or the paper they’re printed on.” Oh, and more; “I personally think cryptocurrencies are here to stay. I think there’s a future for them,” Mr Giancarlo stated. He also sees bitcoin or other cryptocurrencies enabling consumers to escape countries’ fiat currencies in the majority of the world…..by 2028. Here in the U.S, the CFTC is light years ahead in thinking and innovation compared to the SEC, so these comments are HUGE. Read further for some real insight.
(Bill Taylor/ Fintek Capital)
“The head of the US regulator Commodity Futures Trading Commission (CFTC) sees Bitcoin or other cryptocurrencies helping consumers escape fiat currency in the majority of the world by 2028.
Giancarlo: Cryptocurrencies ‘Here To Stay’
As part of comments to CNBC about cryptocurrency regulation in the US, chairman J. Christopher Giancarlo described “two thirds” of fiat currencies currently in circulation as “not worth the polymer or the paper they’re printed on.”
“I personally think cryptocurrencies are here to stay, I think there’s a future for them,” he said.
“…There’s 140 countries in the world, every one of them has a currency; probably two-thirds of them aren’t worth the polymer or the paper they’re written on and those countries rely on hard currency. Bitcoin may solve some of the problems, whether it’s Bitcoin or another cryptocurrency, but we’re talking… ten years down the line.”
Giancarlo was speaking a week after a Washington roundtable brought lawmakers face to face with some of cryptocurrency’s biggest companies and well-known figures…”