Chi-Town’s Ex-Chief Of Staff For Barack Obama, Rahm Emanuel, Hints At Bitcoin Adoption Being Inevitable
Rahm Emanuel, Chicago’s Mayor, Believes Crypto Adoption Could Be Inevitable
Rahm Emanuel, Chicago’s mayor, talked about financial technology, the movement around it and how blockchain technology and cryptocurrencies are revolutionizing the world. At the moment, there are different countries that are moving towards digital currencies. According to Forbes, Iran and Venezuela are starting to use digital assets in order to avoid financial sanctions imposed by other countries. But could other countries start adopting virtual currencies?
Is Crypto Adoption Inevitable?
According to Emanuel Rahm, nation states are falling and cities are growing. He gave the example of how Argentina is currently dealing with its financial crisis and years of bad economic policies that produced high inflation, poverty, and unemployment.
About it, he said:
“Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day somebody’s going to figure out – whether that’s Argentina, ten years from now, five years from now – how to use cryptocurrencies to stay alive when they are facing a financial crisis, and then you’re going to find out that this moment has arrived.”
He then explained that he thinks that an alternative way of currency dealing with the debt market is going to happen in the future. According to Benjamin Pirus, writer at Forbes, Emanuel mentioned that he does not know whether adoption will happen in the short term or in 20 years. However, he says that he needs to learn about it (cryptocurrencies).
Emanuel has also talked about the progress that the city has accomplished in the last few years and how it became an important financial and educational hub around the world. Additionally, the meeting has also discussed Chicago as “the crypto trading capital of the world.” Some of the things mentioned are related to the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME). Both of them offered Bitcoin futures trading, but the CBOE decided a few days ago to stop supporting the digital asset.
According to Emanuel, it is necessary for the financial community to create its own innovation space and that Chicago has the necessary things for the FinTech space to grow and innovation to success. Nonetheless, he said that the city should not only focus on cryptocurrencies but also on other topics and issues.
Now, Emanuel will be leaving the city as a mayor, but he wants to give this innovation sentiment to the next mayor that will be overtaking him. Although he said that he did not know how Wyoming or Colorado are regulating the crypto space, however, he says that he is willing to help building this if experts believe it is important.