Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, who served under the Trump administration, has affirmed his belief in Bitcoin, calling it “digital gold” and declaring that “its time has come.” This statement comes amid renewed optimism in the crypto market, with Bitcoin recently climbing above $100,000. Some investors anticipate a potential return of Donald Trump to the presidency could usher in a new era of crypto-friendly policies.
Giancarlo’s comments show the growing recognition of cryptocurrencies as a legitimate store of value. He said the evolution of the internet, stating that we’ve reached a stage where the internet can store not just information, but also value, including wealth and ownership. He referred to this as the “internet of value.”
According to Giancarlo, cryptocurrencies like Bitcoin and Ethereum function as protocols enabling the storage of value on the internet. This contrasts with the traditional financial system, where value is stored through IOUs from financial institutions. He pointed to the recent failures of several major American banks as evidence of the vulnerabilities of this traditional system, while the internet has remained consistently operational.
Giancarlo drew a parallel between Bitcoin and gold, suggesting Bitcoin could serve as a digital equivalent of the precious metal. He argued that in the digital world, digital currencies may relate to Bitcoin in the same way that cash related to gold in the analog world. He further highlighted Bitcoin’s programmed scarcity as a key advantage in a time of increasing fiat currency debasement.
Giancarlo used the example of El Salvador, which adopted Bitcoin as legal tender two years ago. He noted that the country’s Bitcoin reserves have tripled in value since then, demonstrating the potential benefits of embracing cryptocurrencies.
