Why the United States Could be the Global Cryptocurrency Hub

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Why the United States Could be the Global Cryptocurrency Hub

Cryptocurrency

How is the US creating a favorable environment for Cryptocurrency trading?

In the United States, cryptocurrency is receiving a lot of support for its innovations and possibilities. State governments have proposed or passed laws for crypto regulation in the US that adds to the growth of the technology.  One example of this is the state of Wyoming, where a bill was recently passed that exempted cryptocurrencies from property taxation. Under the US crypto regulations, Wyoming has become the most crypto-friendly jurisdiction.

Not just favorable regulation, cryptocurrencies are also being endorsed by many American tech leaders. Elon Musk’s relationship with Bitcoin might be on and off, but the ‘Dogefather’ publicly announced his support for cryptocurrencies over fiat currencies. “The true battle is between fiat and crypto. On balance, I support the latter”, tweeted Elon Musk. The CEO of Metal pay, Marshall Hayner, also believes that the crypto market is in its fourth wave of adoption. The founder of Reddit and several other American companies like Mastercard have come forward to show support to Bitcoin and the rise of crypto technology to make America the most supportive crypto country.

Bitcoin 2021 Trade Show

Cryptocurrency has taken over the world with its potential and controversies, but amidst the hype, Miami is set to become the crypto hub of the world. On June 4th, the US city had hosted a two-day Bitcoin conference that attracted a massive crowd. The Co-founder of Twitter and payments firm Square, Jack Dorsey was one of the keynote speakers, along with Cameron and Tyler Winklevoss who run the cryptocurrency exchange Gemini.

The conference saw an influx of 12,000 participants who witnessed the exhibits from crypto mining companies, crypto traders, and Bitcoin exchange networks. As a part of his speech, Jack Dorsey advocated the flexibility Bitcoin offers. “We don’t need the financial institutions that we have today. We have one thing that is thriving, that is sound, and that is owned by the community, that is driven by the community”, said Dorsey.

Giving this crypto coin another nod of approval, Tyler Winklevoss said, “We think Bitcoin is gold 2.0. When we get to Mars, what is the currency going to be on Mars? Dollars? No. Bitcoin.”

Why Miami?

Miami’s lack of state taxes and relaxed COVID-19 precautions has been attracting Silicon Valley’s tech community since 2020. The city’s multicultural workforce, central location in America, and Miami mayor’s support to turn the city into a beachfront Silicon Valley are all the added advantages. The Mayor has also announced the launch of MiamiCoin, a Miami-specific cryptocurrency to boost investments and the economy.

 
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