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Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, widely known as the “Crypto Dad,” has reiterated his faith in Bitcoin, describing it as “digital gold” and “an idea whose time has come.”
Giancarlo’s statements come as Bitcoin has recently surged above $100,000 and investors are awaiting a new era of crypto-friendly policies under the new US administration.
In a recent interview, Giancarlo specifically highlighted the shift from traditional value storage to blockchain-based systems in financial institutions when explaining why Bitcoin’s appeal continues to grow. “We’ve reached a stage where we can move beyond storing information on the internet and store value,” Giancarlo said. “Bitcoin, Ethereum, and other cryptocurrencies represent protocols that enable this transition to the internet of value.”
He said Bitcoin’s rarity is a key differentiator from fiat currencies like the U.S. dollar, which continues to lose value due to increasing pressure. Giancarlo made comparisons by noting that while the average American home price has nearly doubled in five years, its value in Bitcoin has drastically decreased, demonstrating Bitcoin’s strength as an appreciating asset.
Giancarlo also pointed to global adoption trends, noting that countries like El Salvador have benefited significantly from adopting Bitcoin. The country, which made Bitcoin its official currency in 2021, has seen the value of its reserves triple in just two years.
With Bitcoin’s rise coinciding with expectations of a more positive crypto regulation in the U.S., Giancarlo believes the technology underlying cryptocurrencies will play a transformative role. “Banks went bankrupt, but the internet hasn’t gone bankrupt in 40 years,” Giancarlo said, adding that blockchain technology could make processes like property transfers instantaneous by eliminating middlemen.
*This is not investment advice.
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