Switzerland and Singapore are considered the two leading countries in the crypto industry. But the situation may change as cryptocurrencies continue to gain popularity among U.S. citizens, especially after the long-awaited SEC approval to issue an ETF in the stock market: a survey conducted by the service CivicScience revealed that around 28% of respondents see cryptocurrencies as a long-term investment.
Still, the crypto sector is facing increasing regulatory risk in the country as the bill, called the “Infrastructure Bill,” was approved after a vote in the House of Representatives. Can the crypto industry continue to thrive in this environment?
The mining industry finds its place in the United States
Chinese repression has made people happy, especially in the United States: the country is now a leader in the industry and is home to about 35% of the total power of the Bitcoin network. On this subject, the Mayor of Miami, Francis Suarezdreaming of making the city the “cryptocurrency capital of the world”, said mining has the potential to revitalize parts of rural America where excess electricity can be found cheaply.
“The medium- and long-term prospects are enormous,” Suarez said. “It’s as transformative as the industrial revolution was.”
Critics are far from the same position, and it is very likely that the debates on the subject will continue for a long time.
A sharp rise in crypto investment in the United States
At the same time, according to a document prepared by the financial intelligence company CB Insight, The United States is the world leader in blockchain-related investment operations. For the first time, Asia is lagging behind the United States in the number of crypto startups that have raised capital.
“US blockchain / crypto funding reached nearly $ 3 billion in Q3’21, up for the fifth consecutive quarter and reached a record high quarterly high,” the report said.
This significant amount of capital raised in the United States over the last quarter represents an increase of more than 11x compared to the same quarter last year, when only $ 263 million was raised, the report points out. Separately, last quarter’s strong numbers came after strong growth in the first and second quarters of 2021, the data showed.
The whole of Asia, which includes China, India and other countries like South Korea and Japan, experienced trades worth only $ 1.4 billion in the quarter. , less than half the value of transactions in the United States.
Europe, meanwhile, is lagging even further behind, with $ 1.1 billion in cryptocurrency deals closing in Q3, just over a third of the dollar value.
Has cryptocurrency become a political argument?
Three U.S. mayors have officially announced that they are ready to receive their next salaries in Bitcoin: the newly elected mayor of New York, Erik Adamsthe reappointed Mayor of Miami, Francis Suarez, and the Mayor of Tampa Bay, Jane Beaver. Adams has chosen to receive all of its next three fees in Bitcoin, while Suarez will be limited to one payslip so far.
Adams and Suarez make no secret of their intentions to make their respective cities hubs for the crypto sector, prepare progressive rules and introduce incentives that can help the industry grow. Moreover, following the relative success of Miami Coins, an initiative aimed at funding municipal projects thanks to the proceeds of a city-specific crypto protocol built on the Bitcoin blockchain, New York has also launched its own token, NewYorkCityCoin.
Cities are leading this development
The results of a study conducted by LinkedIn at the request of Bloomberg concluded that New York, San Francisco and Los Angeles lead in crypto rental, followed by Miami and Chicago. However, about 53% of jobs in the sector are spread across many regions, the data show. This study covers the first nine months of 2021 and focuses exclusively on industry specialists, not including support activities such as human resources staff.
Thus, the crypto industry is not concentrated in a single hub such as finance in New York, tech in San Francisco and cinema in Hollywood. This is the result of a culture where many crypto-entrepreneurs reject traditional boundaries. The global pandemic has further shown that functional work can be carried out anywhere.
“Cryptocompanies are an extreme version of technology where their work ethic needs to be decentralized,” he said Diogo Monica, co-founder of cryptocurrency service company Anchorage Digital, which recruits for remote jobs worldwide. “This means that cities and states that have lower taxes, good infrastructure and fast access to an international airport will benefit from full telecommuting.”
Although, according to the statements of the President of Federal Reserve, Jerome Powell, the regulator has no intentions of banning cryptocurrencies following the Chinese example, there are still concerns about legislative developments in the United States. In a comment to Cryptonews.com, Bill Tulloheconomist knows Agoriska platform for smart contracts, argued that after the adoption of the Infrastructure Act, the crypto-industry must “come together to prevent further damage in the future.”
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