CME Group chairman Terry Duffy recently revealed the biggest reason why regulators have been dragging their feet on Bitcoin and cryptocurrencies: finite supply.
*Only* 21 Million Bitcoin is a Problem
Imagine the post office proclaiming in 90s that the problem with email is that the postman doesn’t deliver it to your door.
That’s precisly the issue for regulators with Bitcoin, which doesn’t rely on trusting middlemen and regulators, according to CME chairman, Terry Duffy.
Specifically, Duffy tells Business Insider that the biggest issue regulators have with cryptocurrencies is their finite amount. This makes the 21 million bitcoin that will ever exist a completely different animal compared to the ever-expanding money supply of today.
Since Bitcoin’s supply is fixed – it doesn’t fit into the existing fiat paradigm, according to the CME chairman.
“How do we figure out how to get the cryptos in there, but just have them backed up by fiat, and let that work as it is,” said Duffy in an interview at…