Mayor of Chicago, Rahm Emanuel, says crypto adoption is inevitable

20 Mar, 2019
by Joeri Cant
Mayor of Chicago, Rahm Emanuel, says crypto adoption is inevitable

Chicago's mayor, Rahm Emanuel, said at a FinTech meeting in Chicago Illinois, that cryptocurrency adoption could be inevitable.

The former chief of staff to U.S. President Barack Obama, told the technology community at a FinTech meeting in Chicago, that he believes that cryptocurrency adoption is most likely inevitable.

'Nation states are falling apart, or receding', he said.

'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 they are facing a financial crisis, and then you're going to find out that this moment has arrived.'

Read more: Chicago Mercantile Exchange's Bitcoin futures contracts reach record highs

According to Forbes, the mayor of Chicago said that he is convinced that an alternative way of currency dealing with the debt markets is going to happen at some point in the future.

Despite the fact that he acknowledged his own lack of knowledge regarding blockchain, the unconventional leader of the city of Chicago told the Forbes reporter that the trend lines for cryptocurrencies and blockchain 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.'

However, the mayor added that learning about blockchain is not on his top 100 things he still has to learn about.

At the FinTech meeting the mayor concluded by saying that in regards to Chicago's future, it is important that the financial community create its own innovation space that healthcare, manufacturing or water gave.

'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, taking that research and set it up as a startup, but I see the hottest thing right now is in that space, in that area.'

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