It is certain that Bitcoin’s ecosystems are still dynamic but there have been reviews from notable personalities and financial analysts who seem to have made up their mind on what they believe Bitcoin is out to achieve. One of these is the chairman of the U.S. Commodity Trading Commission (CFTC), J. Christopher Giancarlo. He reckons that Bitcoin is part security, part currency and part digital coin. In his comments to CNBC’s “Fast Money” Monday Giancarlo had this to say:
Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset. We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that.
Bitcoin Not Good as a Form of Payment
The chairman went on to state that there are certain features in Bitcoin that mimic those found in other value commodities like gold, except everything is contained on a digital platform. However, he is convinced that Bitcoin may not really stand out as a form of payment but rather be best placed for long term buy and hold strategies.
Outdated Rules and Regulations
According to Giancarlo, both the U.S. Securities and Exchange commission and the CFTC operate by the rules and regulations put in place in the 1930s. This is in contrast with Bitcoin’s principles of operation, which are only ten years old. As such, he believes that there is need for these rules to be amended in order to conform to the digital dispensation. In this way, he says, these policies will be best placed to govern the new asset classes.
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