Christopher Giancarlo, the Chairman of the Commodity Futures Trading Commission (CFTC), expressed his bullish view on cryptocurrencies during the most significant crypto-related meetings.
The crypto community and enthusiasts were waiting for this meeting for a long time and they did not let down. More precisely, the chairman stated:
“We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology,” he said to the Congress. “We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach.”
The last part of his phrase came as a conclusion to Mr. Giancarlo after being inspired by a conversation he had with his children and their curiosity and interest about cryptocurrencies, as he explained. That is more than understandable as we experienced coins like Bitcoin reaching all-time records of $20,000 and then dropping to $6,100 just a month later.
According to Mr. Giancarlo, Bitcoin has intrinsic value and this value is related to the cost of mining. He also commented on possible cryptocurrency regulations. According to him, as many countries are doing, the market should be allowed to operate and grow while illegal activities around it should be regulated.
The market reaction to the news was instant and positive, with the pair BTC/USD to trade just below $8,000.