Chairman of the Commodity Futures Trading Commission [CFTC] – J. Christopher Giancarlo, declared his bullish point of view on cryptocurrencies during one of the most important meetings when it comes to the digital currencies – SEC and CFTC declaring out important announcements related to crypto-regulation.
The community and enthusiasts that follow the coins were waiting for the meeting to take place for a long time – and did not let down. The event turned out better than just having typical politician discourse on how to keep the market under control, as the chairman added:
“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 final part of the phrase did come as a conclusion to Mr Giancarlo after being inspired as he explained during a conversation with his own kids how they were very curios and interested in cryptocurrencies. That is more than understandable as we experienced coins like Bitcoin reaching all-time highs of $20.000 against the US Dollar per token and then in just a month dipping to $6,100.
Mr Giancarlo has also been saying that Bitcoin has intrinsic value. For him, the value is related to the cost of mining this cryptocurrency. He has also commented about possible regulations. As many other countries are doing, the cryptocurrency market should be allowed to grow while regulating illegal activities around it.
As explained in a previous EWN writing, the prices have been riding a recovery train very confident with the pair BTC/USD changing hands just below the major $8,000 level. That means that the market reacted instantly to comments that seem positive to the whole cryptocurrency community.