Rostin Behnam, Commissioner of CFTC Refers to Blockchain Technology and Cryptos as the Shapers of Future Economy
CFTC Commissioner Behnam took to the stage of the BFI Summit, held June 4th, 2018, to express his support for the blockchain technology, along with cryptocurrencies – suggesting that the virtual currency will eventually take on the role of traditional fiat currency.
In particular, Behnam believes that the blockchain technology can improve several facets of the world including economic, social and political platforms to name a few. He strongly trusts that the technology involved can change each individual’s life, as well as the world, for the better.
Currently, many firms are turning to the power of blockchain technology, mainly for its transparency, security and high records system. More real uses of the tokens have been established, whether it be to purchase crypto-based goods or services.
In support of this technology, Behnam said that it will be the one to shape the world – becoming one that will be dependent on the distributed ledger technology (DLT). Based on his claims, current traditional systems in place will eventually dissolve, giving rise to cryptos.
Despite the cryptocurrency market’s current stance, sitting at a stagnated total market cap of approximately $277 billion, many, including Behnam, judge that the current bear market situation will end, leading to one that is prosperous.