Mayor of Chicago Believes Cryptocurrency Can Save Countries From Global Financial Crisis
Chicago Mayor Rahm Emmanuel joins the ever-growing group of people who believe cryptocurrency is the future of money and it would save many countries from the inevitable financial crisis. Rahm was also chief of staff for former president Barack Obama.
According to a report published in Forbes, Rahm told one-time CNN reporter Benjamin Pirus that the future of cryptocurrency is affirmative. Rahm during his talk with the CNN reporter talked about the potential in the digital currency and how it would play a prominent role in the debt market as well as third world countries.
Rahm believes the developing nations would be the biggest beneficiary of the cryptocurrencies as the native fiat can prove quite unreliable.
Rahm has a good grasp on the cryptocurrency and the technology working behind it, and he is quite optimistic that the digital assets would become the tool for the financial future. Here is what he had to say,
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”
Rahm is Quite Bold For His Mayor Position
Rahm during the interview made quite revealing statements which are quite bold for a mayor of one of the largest city in the United States. While discussing crypto and its impact on the future, the mayor said that “nation-states” are falling while “city-states are emerging.”
The statement from the mayor sounds surprising because Chicago has a number of tax laws, including the income tax, so as the mayor who believes in decentralization and power in the hands of people might come as surprise to many. He further said,
“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’re facing a financial crisis, and then you’re going to find out that this moment has arrived.”
Mayor Believes Cryptocurrencies are For the Next Generation
During the interview, Rahm revealed that even though he understands cryptocurrencies pretty well, he does not own any of the hundreds of digital assets available. He says its the currency for the next generation. He was quick to add that, he would hope his kids would figure out how to get their hands on it.
The event at which Mr. Rahm spoke about the future and potential in cryptocurrency was organized by one, David Carman.
David is pro cryptocurrency himself and wants to see Chicago emerge as the financial technology hub in the United States He believes its high time that the US embrace the crypto culture just like Dubai or Estonia, where the governments have fully embraced blockchain technology. David also cited the example of Malta a tiny state yet a hub for crypto and blockchain market.
David told the CNN correspondent Mr. Pirus:
“We want Chicago to be recognized as the global leader of the FinTech revolution. That’s going to take a lot of work, but you have artificial intelligence, big data analytics, blockchain, cryptocurrency, cybersecurity, insurtech, lending, payments, welltech, augmented virtual reality, regtech, on and on it goes, and they’re all, at a minimum, billion-dollar markets, and some I think are going to be trillion-dollar markets, not just crypto.”
Even states like Ohio are experimenting with next-gen technology like blockchain and crypto. The state government has allowed the residents and even encouraged them to pay their taxes in cryptocurrency.
Blockchain and Crypto is Helping Both the Developed and Developing Nations
While Blochian adoption is at an all-time high, with major tech giants like Google, Amazon, and Facebook are experimenting with various possibilities and uses cases. Facebook is going to launch its own cryptocurrency very soon, and Amazon is looking to provide Blockchain as a service (BaS)
On the other hand, cryptocurrencies are saving nations from falling in the clutches of complete chaos and even civil war. Venezuela's economy has been ruined by hyperinflation and its fiat is not even worth the paper it's printed on. People are literally dumping the fiat currencies onto the streets.
The government of Venezuela is so corrupt that the central bank issued crypto Petro was an utter disaster. Thus, only Bitcoin and many other altcoins saved the struggling nation from a dark future. Now, the Bitcoin exchange in the country does more daily trades than all of the stock exchanges combined.
So, the Chicago mayor does have a point and countries who invested well in the technology, studied it and then implemented necesaary regulation to help the citizens are reaping the benifits.