Cryptocurrency, News

Governor Of Florida Displays Resolve In Bet On Digital Assets

Ron DeSantis, Governor of Florida, is not bothered by the uneasy nature of cryptocurrency of late, which goes in line with a wider dip across marketplaces. 

From the unpredictability around COVID-19 and the growing situation in Ukraine, the markets have been clearly affected. 

Despite all of this, the Southern Governor has kept on pushing through, backing up a pilot scheme that would permit Florida-based enterprises to pay upstate fees in cryptocurrency. 

Last month, his budget recommendation had inclusions of $200,000 for DFS to run such an experimental program. From his point of view, Miami has cleared the path to become a safe space for digital assets under mayor Suarez. 

In the course of announcing his recommended budgets during a recent news conference, DeSantis also stated that several people have come into South Florida as regards this case and that their view from the state government level envisages it as something they would embrace, and as much as possible, would like to make sure the state government is crypto-friendly. 

His spokesman also gave his two cents regarding the matter, stating that it is their deepest desire for Florida to be at the forefront of the curve, and they see the potential for adoption of cryptocurrency; following this, it makes sense to present the option of paying state fees in cryptocurrency despite the number of times it may fluctuate in time to come. 

While some have said that the unpredictability of Bitcoin could signify that the state has less spending power after a dip, the inverse might also be true. Cryptocurrencies held amidst an upswing would permit for a higher spending power. The office of the governor had a significant answer relating to recent movements. 

Information From The Governor’s Spokesman 

DeSantis’ spokesperson, in an email, stated that Bitcoin and several other cryptocurrencies are still quite new and not fully adopted yet. 

They are still within this stage of price discovery, which means that the prices will keep on fluctuating as regulators, investors, and users around the globe influence supply and demand motion. 

He further stated that every passing day, more people around the globe begin purchasing and utilization of cryptocurrencies.

 The more people own and trade with an asset, with the inclusion of a cryptocurrency, the higher its market cap gets. 

Rules Of The Bitcoin Pricing 

Invariably, the higher an asset market cap, the harder it becomes for any investor to move the asset’s cost. Given as a general rule, the broader the cryptocurrency adoption, the less volatile their prices become as time goes by. 

It is a wise statement, but in a society where the government seems not to have the slightest understanding of the blockchain industry or of business at large, one should feel some level of excitement that the governor of one of the biggest states isn’t scared to take a stand. 

It would be quite convenient just to get rid of the pilot program due to a price reduction in Bitcoin. Budgets get changed often during the process, but this wasn’t the case for Florida as Governor DeSantis stood his ground.

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