Switzerland and Singapore are considered the two flagship countries of the crypto industry. But the situation could change as cryptoassets continue to gain popularity with U.S. citizens, especially after the much-awaited SEC clearance to issue an ETF on the stock market: an investigation by the service CivicScience has revealed that about 28% of respondents consider the cryptomonnaies as a long term investment.
Still, the crypto industry faces increasing regulatory risk in the country as the bill dubbed the “Infrastructure Bill” was approved after a vote in the House of Representatives. Can the crypto industry continue to thrive in this context?
The mining industry finds its place in the United States
The Chinese repression has made people happy, especially in the United States : the country is now the industry leader and is home to around 35% of the total power of the Bitcoin network. In this regard, Miami Mayor Francis Suarez , who dreams of making the city the “cryptocurrency capital of the world,” said mining has the potential to revitalize parts of rural America where excess electricity is can be found inexpensively.
“The prospects for the medium and long term are enormous,” said Mr. Suarez. “It’s as transformational as the industrial revolution was.”
Critics are far from of the same opinion and it is very likely that the debates on the subject will continue for a long time.
A sharp rise in crypto investments in the USA
At the same time, according to a document prepared by the business intelligence firm CB Insights , the United States is the world leader in blockchain-related investment operations. Asia is for the first time 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 hitting a historic quarterly high,” the report said.
This significant amount of capital raised in the United States in 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 said. Separately, last quarter’s high figure came after strong growth in the first and second quarters of 2021, the data showed.
All of Asia, which includes China, India and other countries like South Korea and Japan, saw deals worth just $ 1.4 billion in the quarter. , or less than half the value of transactions in the United States.
Europe, meanwhile, lags further behind, with $ 1.1 billion in cryptocurrency deals in the third quarter, just over a third of the dollar value. of US operations.
Have cryptocurrencies become a political argument?
Three US mayors have officially announced that they are ready to receive their next salaries in Bitcoin: the newly elected mayor of New York, Eric Adams , the reappointed mayor of Miami, Francis Suarez, and the mayor of Tampa Bay, Jane Castor . Adams has opted to receive all of his next three fees in Bitcoin while Suarez will be limited to one pay for now.
Adams and Suarez make no secret of their intentions to turn their respective cities into hubs of the crypto sector, by preparing progressive regulations and putting in place incentives that could help the industry grow. In addition, after the relative success of Miami Coin, an initiative to finance municipal projects with the proceeds of a city-specific crypto protocol, built on the Bitcoin blockchain, New York also launched its own token, NewYorkCityCoin.
The cities at the head of this development
The results of a survey conducted by Linkedin at the request of Bloomberg concluded that New York, San Francisco and Los Angeles lead the crypto sector hires, followed by Miami and Chicago. However, around 53% of jobs in the sector are scattered across many regions, the data shows. This study covers the first nine months of 2021 and focuses exclusively on specialists in the sector, without including support activities such as human resources employees.
So the crypto industry is not concentrated in a single hub like finance in New York, tech in San Francisco, and cinema in Hollywood. It is the result of a culture where many crypto entrepreneurs reject traditional boundaries. The global pandemic has also demonstrated that white collar work can be done from anywhere.
“Crypto companies are an extreme version of technology, where their work ethic is to be decentralized,” said Diogo Monica , co-founder of cryptocurrency services firm Anchorage Digital, which is recruiting for remote jobs in the industry. whole world. “This means cities and states with lower taxes, excellent infrastructure, and quick access to an international airport will benefit from working entirely remotely.”
Although as stated by the president of the Federal Reserve , Jerome Powell , the regulator has no plans to ban cryptomonnaies following the Chinese example, concerns remain as to regulatory changes in the United States. In a comment to Cryptonews.com , Bill Tulloh , an economist at Agoric , a smart contract platform, asserted that after the infrastructure law was passed, the crypto industry must “mobilize to prevent further damage to the future.”