Leading derivatives regulator Mr Giancarlo said: “I personally think that cryptocurrencies are here to stay.
“I think there is a future for them.”
He however is sceptical the currency will ever achieve its ultimate goal of becoming the world’s leading currency.
CRYPTOCURRENCIES like bitcoin are here to stay, claims Commodity Futures Trading Commission (CFTC) chair J. Christopher Giancarlo.
Donald Trump appointee J. Christopher Giancarlo made this bullish assurance in a wide-ranging interview which also offered a forecast as to when cryptocurrencies will be embraced around the globe.
This view was advanced by Twitter and Square CEO Jack Dorsey, who said: “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 are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies.
“Bitcoin, or another cryptocurrency, may solve some of the problems.”
Asked to offer a timeline as to when cryptocurrencies will be embraced, he said: “We’re talking maybe 10 years down the road.”
Mr Giancarlo earned the nicknamed “CryptoDad” following his congressional testimony where he advised legislators to automatically dismiss cryptocurrency just because it appeals more to younger investors.
However, he also believes regulators should take a “thoughtful” approach to approving cryptocurrency products, even if that means the US missing out on becoming a leader in every aspect of blockchain industry development.
“There’s no question that the United States is leading in a number of areas,” he said, referencing the booming US bitcoin derivatives market.
“But there’s other areas as well of innovation where I think it makes sense for us to take a little bit more of a thoughtful and intelligent approach, just as the US Congress did 20 years ago in the early days of the internet.”
Giancarlo first served in President Obama’s administration as the CFTC Commissioner.
Following President Trump’s inaugurated he was nominated to be the full-time chair of the commission on March 14, 2017.