Tacen’s Analysis: The International Future of Cryptocurrency
Although cryptocurrency has always been an international, global effort to create the next evolution of finance, it’s hard to avoid the fact that it saw its earliest and most widespread success in America. For all intents and purposes, cryptocurrency started out as a distinctly American movement.
That is not how cryptocurrency will remain, however. Here are some quick facts to illustrate the point:
- Use of cryptocurrency soars in Nigeria
- El Salvador moves to adopt Bitcoin as a national currency
- Coinbase is seeking a license in Bermuda
- Gemini makes a pivot towards Asia
- Coinbase is “jurisdiction shopping” amid US regulatory uncertainty
The Future Home of Cryptocurrency
For the time being, it seems that cryptocurrency projects will continue to seek out the jurisdictions that are more supportive of decentralized finance. Perhaps that will be places like Nigeria, India, or El Salvador. But it could also be in the United States, too.
If the United States government were to take a decidedly pro-cryptocurrency stance, Americans would see a massive influx of cryptocurrency projects making their home in various US states. Not only would this bring tax revenue to the United States, it would also bring untold thousands upon thousands of jobs.
If the United States government wants to secure the most prosperous economic future for its citizens, it should do everything in its power to ensure that cryptocurrency remains largely American, even while enjoying international adoption and success.
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