It seems like news comes in waves. This is common within the cycle yet it is good for us to latch on when things are going in our favor.
Over the last couple days, it appears we got some positive cryptocurrency coverage out of Florida. There were a couple instances by two of the state's top political forces. Both were complimentary towards cryptocurrency and make remarks about pushing it forward.
The first was from the Governor, Ron DeSantis who discussed his new initiatives to move the State towards cryptocurrency. Part of the plan is to get the state accepting the payment of fees in crypto.
The other comes from one of cryptocurrency's biggest advocates in the public arena: Mayor Francis Suarez. To say this guy is "all in" is an understatement. It bodes well going forward since he was re-elected in November and has another term in office. With the publicity he brought in the last year, imagine what he can accomplish in the next four.
Suarez is intent on making Miami one of the major "crypto-hubs" in the United States. He is welcoming to technology companies that want to settle in South Florida. Throughout 2021, he met with many crypto-industry leaders to get their view on how the City can best proceed.
The City was the first one to get its own token through Citycoins which is helping the treasury by generating revenue. Suarez even proposed giving each resident some Bitcoin from the project.
We also saw him become one of the first public officials to accept part of his pay in Bitcoin. Now, he is adding his retirement to the mix.
Mayor of Miami Francis Suarez has announced plans to take a part of his 401(k) payout in Bitcoin with the help of a third-party payment processor Strike.
It appears this guy spends his days looking for ways to implement cryptocurrency. This is something we are very fortunate about.
The key to this is to remember that cryptocurrency is not about receiving government approval. Bitcoin was designed to operate outside the reach of governments or the financial sector. That was the original concept when rolled out after the Great Financial Crisis.
Thus, regardless of what governments and associated politicians or bureaucrats do, cryptocurrency is going to excel. We have an entire industry that is transitioning. It started with the "renegade mentality" followed by the interest of Wall Street and Venture Capital money. We are likely to see a few years of this as those players maneuver in an attempt to try and control the industry.
After that, we will see the migration away from the centralization that VCs bring. It appears there is a genuine conflict between VC funded operations and Web 3.0. This is going to come to a head at some point. For now, the money rolling in will help to fund development. Hopefully it provides people with ideas of what is possible and it further extends outside the bounds of what the establishment is trying to provide.
The biggest thing that politicians bring to the table is the podium. They are in the public eye and garner a lot of attention. Mayors, Governors, and others tend to have a host of reporters following them around. At the same time, they can have rather large followings on social media.
What this means is that anything they discuss can spread wide. Sadly, for much of cryptocurrency's existence, when politicians mentioned it, we saw it framed negatively. Today, that is still the overwhelming majority of the coverage.
Nevertheless, when we have someone like Mayor Suarez who is ardently touting the benefits of cryptocurrency and how important he views it to be, that carries weight. For whatever reason, people give politicians a lot of credibility. Couple that with the spotlight have and we can see how there is some influence there.
This is probably more important than the use cases that are developed by these government entities. While what they set down can be helpful, on the overall scale of things, it is minor. Honestly, the number of transactions that the City of Miami will generate in Bitcoin is miniscule, especially when we view as total value transferred.
Each time someone like Mayor Suarez mentions cryptocurrency, another group of people have it reinforced to them. No longer is it something that is unheard of in the developed world. The FUD espoused by the mainstream media might have programmed people that it is to be avoided. However, we cannot deny the fact people are aware of it by now.
The challenge for anyone against cryptocurrency is the growth rate is organic. It is happening in many different areas which makes it difficult to follow. Nevertheless, as time passes, people are going to see it showing up in different parts of their lives.
We have a subtlety to this. It might not seem that way since we tend to spend at least a portion of our lives focused upon what is taking place. That said, if we step back, we see that, to the average person, it is sneaking up on them.
Development is widening the playing field. We are seeing the concept of Decentralized Finance (DeFi) moving in directions outsiders cannot fathom. There will come a time, in the near future, when finance is not a separate sector or industry. Instead, it will be interwoven through everything. That is the power of tokenization.
People are already engaged in the digital world. There are over 5 billion users online now. These people spend varying amounts of time in this realm. This makes them susceptible to what is coming forth. Ultimately, cryptocurrency will not be a choice like social media. It will simply be something that people utilize.
Ultimately, governments and associated personnel spreading the message with cryptocurrency is of benefit. However, this only aids the push forward, it is not required. For every Mayor Francis Suarez, there is a Senator Elizabeth Warren who will bash crypto at every turn.
Either way, we can let them fight it out in the court of public opinion. Our role is simply to keep building applications that people want to use. For this to be successful, infrastructure that will connect the different aspects of what is already created is required. As that goes into place, we will see the exponential power of different components coming together.
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