Updated: Feb 23
It can get you anything from a cup of coffee to a Tesla. It could be worth less than a dollar or more than ten thousand dollars. As mysteriously as it came about it, it is everywhere at once and nowhere at all at the same exact time. What exactly are we talking about?
The world of cryptocurrency can include anyone from venture capitalists, high school dropouts, politicians, college students, stay-at-home moms, Republicans, Democrats, and with their recent crypto promotion, Burger King. In recent months, the crypto space has seen a massive influx of capital and new investors and it’s time for the United States to not only embrace but also support this industry.
Bitcoin and cryptocurrency are digital money for the digital age we are entering and whatever your position on this emerging industry may be, one thing is clear: crypto is here to stay. Whether you first heard about crypto when Mark Zuckerberg announced ‘Meta’ or you’ve been around since bitcoin was trading for less than $500 per share, the industry has changed and grown in ways that make it an extreme competitor to the traditional banking system we currently have in place.
Adoption Is Already Happening
Global adoption of cryptocurrency has taken off in the last year, up almost 900%, according to Chainalysis. The top five countries for cryptocurrency are Vietnam, India, Pakistan, Ukraine, and Kenya. The United States fell from 6th to 8th place, and China fell drastically from 4th place to 13th due to its ongoing crackdown of the industry. El Salvador took a major step and became the first country to adopt Bitcoin as a legal tender. Institutional investments have skyrocketed and retail investors are plunging into the market at exponential rates — recently, the popular cryptocurrency exchange Coinbase was ranked number one on the Apple App Store, beating TikTok, YouTube, and Instagram.
There have been big moves to increase adoption of the crypto industry here in the United States. Senator Ted Cruz (R-TX) wants merchants on Capitol Hill to accept cryptocurrency payments — mainly in congressional cafeterias, vending machines, and gift shops. Incoming New York Mayor-elect Eric Adams (D) has vowed to take his first three paychecks in bitcoin. This was in response to Miami Mayor Francis Suarez (R) who originally said he would take his first paycheck in bitcoin and what seems to be shaping up to be a battle of who can transform their respective city into crypto capitals of the country. The City of Miami will soon give out a “bitcoin yield” from the staking of its own cryptocurrency to its citizens, Miami Mayor Francis Suarez announced Thursday on CoinDesk TV.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said.
The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million.
Imagine if this was implemented in city’s around the country?
Why We Need It
Crypto and the underlying technology associated with this industry are what many consider the frontend of financial and technological innovation. With a vast amount of projects ranging from payment solutions, metaverse creation, and gaming, crypto is no longer just a means of currency anymore — it serves endless use cases in numerous sectors.
As it relates to skyrocketing inflation we have seen here in the United States over the last several months, crypto, especially bitcoin, can act as a hedge against inflation and we are seeing more people than ever are turn their backs on fiat currency. In October, U.S. consumer prices jumped to 6.2%, the biggest inflation surge in more than 30 years. Inflation impacts every single American and, at least in Joe Biden’s opinion, if you think inflation is a problem, then you should just let him print more money.
States like Texas are leading the charge in creating an oasis for bitcoin miners, innovators in the industry, and blockchain enthusiasts. When countries like China are banning cryptocurrencies, a huge strategic opportunity emerges for the United States to become a hub for this emerging and exciting industry. It should be a top priority for the U.S. to have the advantage when it comes to bitcoin and other cryptocurrencies — especially when you look at the potential of the industry on the global scale.
What Texas is doing, Maryland, and every state in the country can do as well. The time is now for the United States to have the advantage in this space because crypto is here, and it’s here to stay.