According to the Chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, the fall in the value of Bitcoin as a whole can be assessed as a positive factor for the development of the crypto market.
Speaking at the blockchain summit, the head of the regulator noted that the rise of the main cryptocurrency in December 2017 activated speculators, and the subsequent collapse of Bitcoin increased investor distrust of digital assets.
However, in general, the fall of Bitcoin and its stabilization at the current level can be assessed as a positive phenomenon, which will allow the entire cryptocurrency industry to develop.
Giancarlo stressed :
“I argue that the fall in value (bitcoin) finally put an end to the so-called bubble. Now this class of assets is at a more relaxed stage of development in terms of technology and more widespread distribution. ”
The head of the Commodity Futures Trading Commission supported the decision of the CBOE and CME exchanges to launch Bitcoin futures , calling it correct and timely.
It is worth noting that the CFTC chairman has previously stressed that cryptocurrencies will become part of the global economy in the future, but the same expert expressed confidence that at this stage of development, the main digital coin will hardly be able to compete with traditional assets.
Publication date 09/03/2019
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