The City of Berkeley, California is in the process of turning to cryptocurrency to reduce its dependence on federal funding from the Trump administration.
It would become the first city in America to hold an initial coin offering. A type of crowdfunding campaign that's become popular in the past year. Very similar to IPO's for stocks. The city would raise money by selling digital goods called "tokens" that are backed by municipal bonds, a type of security issued by the local government. Consumers would be able to spend these tokens at shops and restaurants. They might even be able pay rent at apartments that participate in Berkeley's new cryptocurrency network.
The goal is to raise funding for vital city projects like affordable housing and support services for the city's growing homeless population. Someday, homeless people might receive tokens to buy goods and services from local businesses that accept the currency, according to city leaders.
It's all talk for now, but according to Berkeley City Council Member Ben Bartlett, the creation of the city's own financing mechanism is a key part of building resiliency in the Trump era.This is a really good idea and will become mainstream in the coming years. Companies and organizations will soon adopt the blockchain, its not a matter of if but when.