Florida Governor Ron DeSantis is unconcerned about recent cryptocurrency volatility, which got linked to larger market decline. The markets have undoubtedly been impacted by the uncertainties over Covid-19 and the developing crisis in Ukraine. Whereas southern governors persisted, endorsing a trial scheme that would allow firms in Florida to pay state fees in cryptocurrencies. Last month, he proposed a budget that contained USD 200,000 for DFS to launch such a trial programme. Ron DeSantis said at a recent press conference unveiling his suggested budget. “Our goal is to ensure that the state government is crypto-friendly.” While some speculated that the state’s spending power would be reduced due to Bitcoin’s volatility.
DeSantis’ spokeswoman noted in an email, “Because Cryptos are still new and not widely acknowledged, values will fluctuate as investors, governments, and consumers throughout the world influence supply-and-demand patterns”. The bigger the market capitalization of an asset, the more difficult it is for a single investor to influence its price.” The government doesn’t always have the best knowledge of the blockchain sector or even of business in general. One would not estimate a blue-chip stock’s long-term viability based on a market down month in general.
Many digital asset investors agree, and most readers of this column understand that cryptocurrencies and digital assets, as well as blockchain technology, are here to stay. Politicians, on the other hand, have a strong influence on politics, particularly during election seasons. That was not the case in Florida, though. Governor DeSantis was unwavering in his position.
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