CRYPTO AND THE STATE OF NEW YORK!

Here we are ending the month of June, 2023 with Bitcoin (BTC) spiking through $31K today and ‘resting’ at $30K as of 5pm today. It has been rallying all month long - from $26K on June 1 to $30K today to end the month. Ethereum (ETH) started the month lower at $1887 and hit a high of $1905 today.🤷🏾‍♀️ I’ve been saying that crypto isn’t dead at all; as a matter of fact, it seems to be on the rise!

What else is going on in crypto world? Well, we’ve already discussed that Uncle Sam is going to want his piece of the crypto pie,😩👀 and while some states are forging ahead mining crypto and attempting to make it easy to obtain, other states have enacted what could only be described as draconian approaches to prevent residents from purchasing/dealing with crypto. The state of NY is one of them.

New York City’s Mayor (Eric Adams) has embraced Web3, and ran a pro-crypto campaign for his election. He even took his initial paychecks in bitcoin🙌🏾 but NY state is yet to create the freedom to work with crypto that a couple of other states have. Mayor Adams has also touted the benefits of crypto/Web3 and has actively engaged the crypto industry with his own blueprint for the economic recovery of NYC, yet nothing has been done yet. Word on the street is that Washington D.C. disagrees with him.

Yahoo Finance reports that some elected officials in Washington D.C. are “exercising alarming authoritarian power in their seats as regulators, counter to New York’s stated desire to move from antiquated financial systems to digital ones.” This really has to change!

In the Summer of 2021, China’s authorities had all but banned crypto exchanges and transactions but those authoritarian-like measures resulted in the loss of many entrepreneurs, highly skilled jobs, and investors. Those people left China to be able to work in cities that were crypto-friendly. Dubai, Singapore, and Silicon Valley were able to benefit from the mass exodus of those crypto enthusiasts. When the Chinese authorities realized what was happening they unexpectedly changed course late last year, and there is now a plan in place to eventually turn Hong Kong into a global cryptocurrency hub. Change is good!

The current crypto climate in the USA has the potential to turn many investors away as well. People are not afraid to pack up and find locations where the Web3/crypto industry is flourishing. I pray that it doesn’t get to that for the United States and for NY state. I hope that our NY Attorney General in her attempts to protect the people of NY with crypto regulations (which could be a good thing depending on what the regulations are) can also see the good that can come out of embracing crypto and making room for cryptocurrency exchanges to find a home in New York state.

Those moves have the potential to change the entire trajectory of the economy of New York for good! But stay tuned, I’ll let you know what’s happening in crypto world in the city of NY.😀

I’ll be back in 3 weeks and we’ll be discussing stocks; see you then! Enjoy the weekend … ✊🏾🔥🙏🏿

Copyright ©2023 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post. The opinion expressed here is not investment advice – it is provided for informational purposes only