CFTC Chairman Gaincarl started off by saying his kids were not interested in stocks but are hooked onto cryptocurrencies, and the government has to respect that, and develop a positive outlook.
While scams and fraudsters must be cracked down, the general market must be allowed to develop. A working group of SEC, FINCEN, CFTC and other group members are working on identifying scams in this space.
When asked if #Crypto of #bitcoin has any "intrinsic value"? - the reply stated that there is an intrinsic value and relation of the value of bitcoin and the cost of mining it.
Market cap of Bitcoin is just one publicly traded company like McDonalds. In comparison, global money supply is 7.6T. And since Bitcoin has been compared to digital gold, value of all gold in the world is 8T.
"We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology"
Venezuela Petrocoin and Russia Cryptorouble (and North Korea) were discussed - they were seen as ways these countries could use crypto assets to skirt US sanctions. Though SEC chair addressed that there was not much they could do, but are working with Feds & the treasury.
HODL was explained (inaccuratey as “Holding On For Dear Life 😂) however it was used in an argument for the classification of these as commodities.
Senator Warner compared the market to the rise of cell phones and said if it continues its historical growth, he could see this market hitting $20 trillion by 2020.
"We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach."
💃🏾💃🏾💃🏾 US senate meeting was in favour of Bitcoin and Cryptocurrency, all major coins are on green right now. Neo just increased by $30 in 3-4hours. 🥂 to keeping coins for our Grand Children😃