Welcome back to the Tribe! In this post we take a look at the continuing development of the U.S. slowly adopting the Bitcoin standard. Most recently, Colorado has sparked interest with the governor (head of the state) meeting with some top crypto OGs for dinner in a small mountain town, Boulder.
Nothing should be considered investment or financial advice. Enjoy the ride!
Colorado and Bitcoin
In Early November, Colorado governor met with some Crypto OGs, representatives from several top companies in the U.S., and a reporter from the Decrypt news site for dinner!
This post is directly in response to the Decrypt article that can be found here that talks about this very event. Please go check it out. It is an awesome read!
What we want to do in this post is break down the continued development of the U.S. diving into crypto and talk about some of the things that were mentioned in the Decrypt article.
From the article, we can speculate that Colorado will be the newest state in a string of states and cities looking to take advantage of the recent boom in the crypto industry.
The line up pretty much goes lik:
- New York – Newest mayor advocates for Bitcoin and even wants to take paychecks in it
- Miami – Mayor also wants paycheck in Bitcoin and is trying to attract blockchain based companies
- Wyoming – Has favorable legislation, and pushing to bring companies there through government support
- San Antonio – Surge in mining operations thanks to China ban on Crypto
- San Francisco – Huge hub for tech companies in the Blockchain space and hedge funds
- Ohio – Leading with favorable legislation
Clearly, there is some competition heating up among the states and cities that are looking to capitalize on this emerging market.
The dinner in Boulder, Colorado was attended by not only the the governor of Colorado, but also by reps from
- Coinbase – A crypto exchange
- Circle – Payment processing platform
- Square – Payment processing platform
- PayPal – Payment processing platform
- Gitcoin – Funding platform
- ShapeShift – Asset exchange platform
- Zcash – Top Privacy Cryptocurrency
- The Ethereum Foundation – Top Cryptocurrency and smart contract platform
All of the above companies represent respective giants in the industry. Clearly, this was a dinner that meant business.
Although, were we the only people surprised to hear that IOHK, the company behind Cardano, was not invited to the dinner or did not attend?
Hungry For Crypto
While we are sure the food on the menu was exquisite, we have a feeling the attendees had more of an appetite for crypto legislation and working to lobby their companies into the state.
Most of the conversation at the dinner is private, but from the Decrypt post, we have a good idea of topics that were thrown around.
Politicians and Crypto
One of the items discussed at the dinner was the increasing interest from politicians.
From interviews on the Hill and the occasional mentions of “Bitcoins” in public speeches, it is no secret that politicians as a whole understand extremely little about the industry.
While this seems to be a problem with a majority of tech based discussions, it really stretches the issue of – should these people be writing and proposing legislation on something they know so little about?
The community needs to do a better job of not only educating the public, but potentially of electing people who actually understand the changes the world is going through.
Regardless, the word is out and crypto is a hot buzz word for those looking to gain a boost in the polls.
In addition to the discussion on politicians, it seems that the states are making head way before the federal government does much at all.
While crypto should be a federal issue, the states are left to debate and speculate on next steps to take. The states are struggling in this respect to keep up with it all despite the progress already made.
Entities like the SEC are continuously dropping the ball at not only clarifying their stances on crypto, but they mindlessly draw out conversations to no end like the Ripple lawsuit.
The best thing to happen for the space is the on-going Ripple lawsuit, and the Coinbase challenge to their proposed lending platform.
These instances will help cement the legislation lacking for the crypto space and allow new growth for companies looking to dive in that are awaiting clarity from governing bodies.
The dinner seemed to hint that Colorado is gaining information and knowledge on crypto. Hopefully, to start moving in the direction of a crypto hub.
While there are plenty of issues to address and things to learn, it is great to see another U.S. state taking it upon themselves this responsibility of progressing the nation.
Colorado and BTC
Thanks for reading our post on Colorado and Bitcoin. We will try to keep you updated as things progress here in the states.
In just these last few weeks of 2021, there has been huge progress with newly elected officials. Hopefully, that will continue into 2022 bolstering a new age for tech and the crypto industry.