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Cryptocurrencies could be as transformational as cell phones. This endorsement gives cryptos a much-needed boost and comes from Virginia Senator, Mark Warner. In the first U.S senate meeting on cryptocurrencies earlier yesterday the senator sounded quite bullish on the future of cryptocurrencies.

The senator knows a thing or two when it comes to new transformational technology having made his multi-million-dollar fortune in the cell phone business. He believes digital assets and the blockchain technology can be as transformational as cell phones were. He said:

“I think we may be on top of something that’s transformational, and I don’t think you can separate the underlying, distributed-ledger blockchain from some of these crypto assets.”

“I remember back, I was lucky enough to get in the cell phone business back in the early 80s and everybody thought it was going to be a small business,” Warner said. “And, they were wrong, and I got rich. I think we’re looking at the same kind of transformation about to take place, and we are going to have to wrap our arms around it.”

Throughout the hearing, he was very positive about cryptocurrencies, but he did have some concerns. While questioning Christopher Giancarlo, CFTC Chairman, he suggested that he felt bitcoin futures had been given the green light way too early:

“I’m just worried that we need a much more coordinated effort because I think the potential is large amongst crypto assets and the underlying blockchain could be as transformational as wireless was years ago. I think we are going to need a much more coordinated effort.”

This news is a much welcome endorsement from the lawmakers and the Senate hearing didn’t disappoint the crypto community.

https://crypto-lines.com/2018/02/07/transformational-as-cell-phones/