CFTC Chairman Giancarlo: We Must Respect the Interest of This Generation for Bitcoin
The chairman of the US Commodity Futures Trading Commission (CFTC) said this week that cryptocurrency is this generation’s interest, regulatory authorities must respect that.
“We need to take a moment and respect this generation’s interest in this new instrument (Bitcoin). We should not laugh at them, but should pay attention and respect, and introduce more comprehensive and more forward-looking policies. “he said.
Giancarlo compares consumer interest in Bitcoin with the “cultural change” brought about by the baby boom of the mid-20th century.
He explained that the younger generation of investors chose not to believe in mainstream financial institutions because they grew up in the economic crisis. They see Bitcoin as a tool that can remove middlemen from the economic supply chain.
“What happened now represents this generation. Just as the Baby Boomers lost faith in the leaders at the time and tried to reshape the culture through drugs, sex and rock and rool, I think there is also a generation of people who have lost confidence in the way we deal with the economic crisis. They are not optimistic about the intermediary and regard technology as the best way to remove an intermediary.”
From this year’s Congressional hearings begin, Giancarlo began to publish many times on different occasions about the cryptocurrencies front view.
His heartfelt opening statement at that hearing earned him the nickname “cryptodad,” and he has taken to using the hashtag #cryptodad when he tweets about cryptocurrency.
Earlier this week, Giancarlo said that bitcoin was “like gold” in several respects, even though it is perhaps not ideal as a medium of exchange.