Traders, speculators, analyst and enthusiast were left in amazement and "aww" as the Chairman of the Commodity Futures Trading Commission (CFTC) shared some positive vibes on the potential of Bitcoin and the underlying 'Blockchain Technology' as he addressed the Senate Committee on Banking, Housing and Urban Affairs. The cryptocurrency market needed some positive news after weeks of Fear, Uncertainty and Doubt (FUD) and it came in the most unlikely of places. Many assumed that the CFTC Chairman would have followed the pack of regulators from the Asian market as they delivered blow after blow of depressing news to the cryptocurrency enthusiast and traders but his tone was sharply different and as islanders would say it was "good vibes mon".
My standout moment during the entire session were these words from Mr Giancarlo "We owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one". This I assumed 'rippled' in core of those looking for some positive news and the market reacted strongly 24 hours later. We can now rightfully say "The Christopher Giancarlo Effect" as the TOP50 coins go green
As the market continues in its joyous celebration of positive news following the sentiment from Mr Giancarlo, he indirectly delivered one of the biggest blow to the Chinese administration. Following their crackdown and hardliner stand against Bitcoin and cryptocurrencies, they may have hope for a powerful ally only to be greeted with disappointment. Providing that the USA administration maintains its 'green light', China could find itself and its citizens isolated from one of the greatest catalyst of freedom and prosperity of our generation. If history teaches anything, China could find itself in a sticky and tricky position as its youthful and entrepreneurial population starts knocking on the administration doors to get access to the cryptocurrency market. Probably a toppling or shaking in the making.
The cryptocurrency ecosystem finds an unlikely ally as it strives to be respected and recognize as any asset class. Mr Giancarlo may have indirectly became a leader and shield against oppressive entities trying to shape government policies against this nascent market.