- Tech industry contributes 9.3% to the US economy.
- 33257 Bitcoin (BTC) ATMs are installed in the nation.
The United States is the largest base for numerous tech companies, making the nation the giant tech base. As per the report from CompTIA, an American trade association, the US tech industry raised revenue of $1.8 trillion USD. The nation now harbors nearly 507,000 tech businesses.
Federal Reserve Chairman Jerome Powell raised up the interest rates to combat the hyperinflation and thereby the monthly inflation rate rose up to 8.3% in April. Moreover, the overall interest rate recorded is the highest in the past 22 years.
The policymakers have prioritized the need to stabilize the prices and the market volatility. When it comes to crypto adoption, the government prefers the stable Central Bank Digital Currency (CBDC) over the private sector-administered digital assets.
Federal organizations such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to scrutinize the adoption of the high-risk crypto coin, Bitcoin.
Gearing Up for Crypto Regulation
The US, the leading ‘crypto-ready’ country, reported the first real-time bitcoin transaction in 2010. A Bitcoin miner from Florida purchased pizzas with 10,000 BTC. According to Coin ATM Radar, an online directory of BTC ATMs, 33261 Bitcoin (BTC) ATMs reside in the country with Los Angeles holding the highest number (1952).
On March 10, regulatory guidance from the US Department of Labor (DOL) warned the citizens about crypto investments. On Friday, a Floridian Representative, Byron Donalds, released the “House Companion” of Senator Tommy Tuberville’s Financial Freedom Act to allow investors to invest cryptocurrencies in 401(k), private-sponsored retirement accounts.
From establishing Texas Blockchain Council to transforming Dallas into the epicenter of the US for bitcoin mining, the native crypto-community has been pro-bitcoin.
Bruce Fenton, a running candidate for the US Senate commented:
“If you have $100, $50 or $20…don’t send it to me, buy Bitcoin! No politician can save you from the melting ice cube of fiat and I can’t either.”
A famous bitcoin advocate, Dennis Porter, added that providing a potential regulatory environment for the Bitcoin industry can power up the nation’s recovering economy.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.