CFTC chairman J. Christopher Giancarlo said Bitcoin and other cryptocurrency isn’t going anywhere – even if it fails to replace fiat money.
Bitcoin would likely never replace the dollar – but is capable of achieving widespread adoption in two-thirds of the world, according to J. Christopher Giancarlo, chairman of the United States Commodity Futures Trading Commission.
In an interview for CNBC’s Fast Money, Giancarlo said he believed cryptocurrencies to be “here to stay”, even if they fail to become the world’s leading currency, as many crypto enthusiasts hope they will.
“I personally think that cryptocurrencies are here to stay. I think there is a future for them,” said the Trump appointee. “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. There’s 140 countries in the world, every one of them has a currency. Probably two-thirds of them are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies.”
“Bitcoin cryptocurrency may solve some of the problems. But whether it is Bitcoin or another cryptocurrency, we are not talking two years, we are probably talking ten years.”
Giancarlo has been nicknamed “CryptoDad” for his congressional testimony in which he defended cryptocurrency and warned legislators not to dismiss it just because of its appeal to younger investors.
When asked whether he is worried that the US might lose its position as a leader in crypto innovation, Giancarlo said the US is ‘ahead of the world’ in many areas of the blockchain industry, but still advocated for a more cautious approach to approving cryptocurrency products.
“It is the US that has gone forward with the very first Bitcoin derivatives,” said the attorney, referring to Bitcoin futures tradings, options and clearings. “We’re ahead of the world in that. There is no question that the US is leading in a number of areas, but there’s other areas of innovation where I think it makes sense for us to take a more thoughtful and intelligent approach,” said Giancarlo.
“Just as the US Congress did 20 years ago in the early days of the Internet.”