Top regulator-unlikely hero for cryptocurrency

A top federal regulator has become an unlikely hero to the cryptocurrency community, after making optimistic comments about bitcoin and other digital currencies. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo won over cryptocurrency advocates with his comments at a congressional hearing last week. “It strikes me that we owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one,” Giancarlo told a panel of Senate Banking Committee members. 

Giancarlo urged Senators not to harm the technology underpinning Bitcoin and other digital currencies. His message to the Senate was received very well by the public something which saw him earn a rock star status on twitter. Giancarlo has for some time been considered as a crypto-friendly official after the CFTC allowed CME and Cboe to trade Bitcoin futures in December. 

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The reason Crypto-fans are so excited is because the market is complete speculation. His statement gave crypto investors a lot of money. There is no real product here, just a pure speculation.

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 Many European countries, Russia, and several African countries are far ahead of US in terms of taking serious look at blockchain adoption (probably b/c we are so wedded to antiquated payment systems).

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Any currency that can go from 19 to 9 overnight is dangerous. 

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