Tuesday, February 18, 2020

Crypto Adoption Could Be Inevitable – Rahm Emanuel

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Rahm Emanuel, Chicago’s Mayor and former chief of staff to Barack Obama is confident that cryptocurrency adoption is inevitable. In a Fintech meeting which held on March 18 in Chicago Illinois, the Mayor outlined that cryptocurrency and blockchain are the future, reports Forbes on March 20.

Cryptocurrency Adoption Is Inevitable

Per the report, Rahm Emanuel stated that the adoption of cryptocurrency could be inevitable. According to him, in five or ten years from now, a country which may probably be Argentina will discover how to use cryptocurrencies to survive in the face of financial crises.

Chicago’s mayor also outlined that Nation states are falling apart while City states are on the rise. That being the case, the political structures which people are conversant with are gradually changing. Thus, he believes that cryptocurrency and blockchain can be a part of a new era.

Major Admits He Has Little Knowledge About The Blockchain

Emanuel also said that the trends are affirmative that virtual currencies will be a part of the future. It may be five or ten years from now, but it’s affirmative, he added. Nonetheless, the mayor admitted he really has no idea what the blockchain entails. He outlined that while he will like to learn about the niche, it wasn’t among the “the top 100 things [he] would have to learn about.”

On the other hand, the mayor said the cryptocurrency space is the hottest. He believes that there are other aspects of financial technology that needs to be researched in order to bring about innovation in Chicago. In his own words,

I wouldn’t limit it to cryptocurrency. That’s obviously the hottest space. There’s a lot of other things that go on in the financial or in FinTech that is necessary and has to be researched, and then has to be innovated

Venezuela, Turkey, and Zimbabwe Adopt Cryptocurrency

Inline with the mayor’s comments, there has been a rise in the adoption rate of cryptocurrencies in countries like Venezuela, Zimbabwe, and Turkey. What each of these has in common, is that they are facing a high inflation rate. Venezuela, for instance, recorded a spike in Bitcoin trading volume over the past few months.

Likewise, people in Zimbabwe are now using Bitcoin to shop online for food items due to their scarcity and high prices in the region. Turkey, on the other hand, has recorded a decline in its fiat currency, lira. Thus, most people have opted to store their funds in crypto in order to curb losses.

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