Bitcoin Doesn't Deserve to Be That Popular

J. Christopher Giancarlo, the Commissioner of the Commodity Futures Trading Commission, is convinced that the hype surrounding bitcoin greatly exceeds its real influence on the global economy.

He noted that the market capitalization of bitcoin is slightly surpasses $140 million (at the time of writing the article), which is nearly equal to the market cap of a one large business, for example, McDonalds.

Despite all the criticism of cryptocurrencies, Giancarlo admits that blockchain technology and smart contracts are positively influencing capital markets and derivatives markets. He assumes that they might eventually become a direct and a serious competitor to the current market infrastructure.

Giancarlo also believes that the "do-no harm" approach towards cryptocurrencies is the right one.