Chicago Mayor Rahm Emanuel: Crypto Adoption Might Be “Inevitable”

Mayor of Chicago Rahm Emanuel took center stage to get engaged in a discussion of how the city can become the crypto trading capital of the world and the global FinTech hub. He additionally expressed his general views about cryptocurrency and blockchain. This occurred at a recent FinTech crypto meeting on March 18, organized by long-time Chicago Board Options Exchange (CBOE) trader and FinTank co-founder David Carman.

Emanuel admitted that even though he has inadequate knowledge of blockchain and crypto, Cryptocurrency adoption on a larger scale is inevitable in the future.

Emanuel, who was the former chief of staff to U.S. President Barack Obama, decided to stick to politics after acknowledging his own lack of knowledge regarding blockchain and crypto. He explained that countries such as Iran and Venezuela, which are currently going through financial difficulties, can harness the potential of cryptocurrency to conduct global transactions and maintain the nations’ financial stability, as crypto assets could prove to be the lifesaver for their economies. Replying to one of the audience’s quarries, he further said that ‘large scale adoption could be inevitable.’

He stated:

“One day, somebody’s going to figure out – whether that’s Argentina, ten years from now, five years from now – how to use cryptocurrencies to stay alive when they are facing a financial crisis, and then you’re going to find out that this moment has arrived.”

It therefore clearly seems that his overall sentiment on blockchain and crypto is quite optimistic. He added that his own observation of blockchain’s ‘trend line’ indicates that the future of the crypto industry is positive. Coming back to his previous statement when he as asked about his thoughts on crypto, he also said:

“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”

Referring to a Deloitte report titled, “Connecting Global FinTech: Interim Hub Review 2017,” that consist the detailed analysis of 44 different cities that could possibly become the global top tech hubs and named Chicago among world’s top tech hubs for financial technology, Emanuel said that “If you’re not innovating, you’re falling behind.”

At last focusing on the initial development and innovation on crypto and blockchain, he said that creative solutions and new innovations from the FinTech industry can definitely strengthen the base for further development of other industries i.e. healthcare, manufacturing and many more.

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