• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

Mayor of Chicago: Facing Financial Crisis, Crypto Adoption is Inevitable

Rick Delafont by Rick Delafont
4 years ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

According to a report in Forbes, Rahm Emanuel, the Mayor of the City of Chicago, has stated that he sees crypto adoption as inevitable. He bases his outlook on the growing appeal of Bitcoin and other digital assets in an increasingly unstable geopolitical world.

Emanuel posited that financial crises, like that currently being experienced in Venezuela, would eventually force people to opt out of fiat currency just to survive.

He’s “Gotta Learn About It” But Emanuel is Refreshingly Grounded When it Comes to Crypto

The Mayor of Chicago gave his outlook on crypto during a meeting held to debate the city’s growing fintech industry on March 18. In response to a question from the audience, he stated that he felt cryptocurrency adoption was an inevitability, however, a timeline for such a great shift from current monetary norms would be anybody’s guess.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

After admitting that he really was not an expert on the field, the mayor stated:

“Nation states are falling apart or receding. City states are emerging, so the political structures we all grew up under are changing. 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 their facing a financial crisis, and then you’re going to find out that this moment has arrived.”

Although lacking explicitness in his response, Emanuel appears to be alluding to Bitcoin and other cryptocurrencies giving populations a means to “opt-out” of a national economy. Those living in nations where governments mismanage finance to such a degree that inflation spirals out of control – Zimbabwe, Venezuela, and Turkey, in recent years – can elect to store their wealth in digital assets, the value of which is not correlated to any entity, government or otherwise. Although wildly volatile, Bitcoin has proved more stable over short periods than numerous national currencies numerous times over its ten year existence.

In economies suffering hyperinflation, huge stacks of cash are worth next to nothing.

Another audience member later asked Emanuel about his overall thoughts about the crypto asset and blockchain space. Again, the mayor reiterated that the industry was not his forte but added:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

“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.”

Chicago the Crypto Hub?

With its history steeped in finance, a crypto-curious mayor, and a hive of high profile companies, including Coinbase offices, setting up shop there, Chicago is fast becoming a cryptocurrency hot spot in the US. Recently, the city also received an additional 30 Bitcoin ATMs taking the total number of units in the city centre up to a relatively impressive 184 according to CoinATMRadar.

Until recently, the city also hosted two of the most over-hyped but high-profile Bitcoin trading products – BTC futures contracts were offered by both the Chicago Board Options Exchange and the CME Group. However, following the recent announcement that the CBOE was halting Bitcoin futures for an undisclosed period of time, that number has fallen to one.

 

Related Reading: Why Bitcoin Market May Be Better Without CBOE Futures Contracts

Featured Image from Shutterstock.
Tags: adoptionchicagocrypto
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Euler

Euler (EUL) Up 25% As Hacker Returns 51,000 ETH From Stolen Loot

7 hours ago
Pooky, The NFT Football Prediction Game That Pays, Launches Today

Pooky, The NFT Football Prediction Game That Pays, Launches Today

1 day ago
Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

2 days ago
Ethereum (ETH) number of addresses surges

Number Of Ethereum Addresses In Profit Hits 10-Month High As ETH Continues Rally

2 days ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

2 days ago
Ethereum bull

On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Bashar DAO Launches BASHAR Token: For the Betterment of the Arab Region

March 26, 2023

Futures of metaverse tokens like The Sandbox (SAND), and Decentraland (MANA) are very blurry, while Defi Giant RenQ Finance (RENQ) remains the hottest crypto of 2023

March 26, 2023

TMS Network (TMSN) Poised to Become the Next 1000x Token, Magic (MAGIC) Down 8.38%, and Binance (BNB) among the few Cryptos with an Exciting Future

March 26, 2023

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.