The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

How Entrepreneur-Politicians Will Capture Talent and Harness the Power of Crypto To Improve Their Jurisdictions

by Simon Yu
August 26, 2022
in HodlX
HodlX Guest Post  Submit Your Post
 

No phrase has become more synonymous with Web 2.0 than Silicon Valley. Companies like Facebook, Apple and Google are nearly equivalent to the Bay Area and its walled garden of innovation.

However, 2021 was an inflection point in technological history. For the first time, the notion of Web 3.0 – decentralized and community-backed technology – had a chance of upending the centralized behemoths that have dominated the internet since the late 90s.

With that possibility in mind, builders began leaving Silicon Valley in droves to explore new locales and work alongside crypto natives who had previously been dubbed as outsiders.

While the future of crypto is still uncertain, today there’s an outsized opportunity for Web 3.0 to not only be decentralized when it comes to the underlying technology but also when it comes to where this industry is being built.

As a result, savvy political leaders from both sides of the party line are leaning on their own entrepreneurial sensibilities and signaling to Web 3.0 innovators with a very specific message – their respective towns, states and countries are crypto-friendly.

However, to make this possible, this new breed of entrepreneur-politicians will have to operate in novel and unexpected ways. Here’s what that looks like.

Politicians will have to think and operate like founders

In September of 2021, El Salvador made history by becoming the first country to make Bitcoin legal tender. President Nayib Bukele thought like an entrepreneur and decided to lean on an emerging technology to solve a widespread problem – helping roughly 70% of El Salvadorians who lack access to traditional financial services step into the future.

While the volatile nature of Bitcoin and the most recent market crash has led many to question the president’s decision and its impact on his country’s economy, El Salvador’s move to embrace Bitcoin was a huge step forward for crypto – one that helped catapult the notion of DeFi onto a global stage.

Additionally, Mayor Francis Suarez of Miami has taken on an approach typically reserved for tech founders – taking to Twitter to engage with a community of like-minded builders and garnering their support when it came to his attempt to turn Miami into a bonafide tech hub.

To date, the mayor has pioneered an experiment called MiamiCoin – a city token designed to drive new community-backed revenue to the local government. He’s also been instrumental in attracting top VC firms and has even convinced some of the biggest names in the game to trade the Bay Area for Miami’s beaches.

For Web 3.0 hubs to truly take hold outside of Silicon Valley, more politicians and leaders will have to think critically about how they can attract top builders and crypto companies to their jurisdictions.

Lobbying and educational efforts will be instrumental in diving mass adoption

Even though lobbying for crypto and DeFi is just getting started, it’s already punching well above its weight. Compared to pharma, tobacco and securities and investments – industries that have existed for decades – the spend in support of crypto – a considerably new industry – has been significant.

Coinbase, Ripple and the Blockchain Association have been the largest donors so far, with support from the Blockchain Association growing from $540,000 in Q1 of 2022 to $590,000 in Q2 of 2022 (and equaling over 60% of the total industry spend for Q2).

This support is essential to the widespread adoption of crypto as thoughtful regulations are needed to stabilize the industry and encourage more institutions to take part in investing in digital assets.

Therefore, politicians who can thoughtfully appeal to this fledgling industry and work together with Web 3.0 leaders to build the kind of legislative environment that will allow crypto to thrive will garner unbelievable backing from a sphere that’s set to only grow when it comes to both money and influence.

At the same time, political leaders who are actively pushing for crypto education and exposure are set to have a leg up in terms of getting support from top Web 3.0 players.

Reno Mayor Hillary Schieve – who is piloting public NFT art projects and a new initiative that would allow the city to publish historical registries to the blockchain – is focused on offering those living under her jurisdiction frictionless exposure to Web 3.0.

By making the onboarding process effortless, Mayor Schieve has a real opportunity to harness the power of crypto and create positive downstream effects for everyone in her city.

Leaders will need to effectively evaluate the promise crypto holds

While the current bear market has shaken up the crypto industry and exposed a number of bad actors in the ecosystem, the fact of the matter is that 2021 truly showed the world how decentralized technology has the ability to revolutionize the internet as we know it.

The potential impact of crypto has yet to be fully realized. However, right now, government officials still have the chance to capitalize on this potential, and their best option is to operate like entrepreneurs themselves by actively welcoming crypto builders to their jurisdictions and fighting for regulations that preserve the ethos of decentralization. If they don’t, top talent and revenue will inevitably flow elsewhere.

There are still many challenges for entrepreneur-politicians to overcome, especially in light of the negative effects of 2022’s bear market, and so, Web 3.0 will need the support of vocal political leaders to help it fully actualize.

However, if crypto and entrepreneur-politicians can find a way to effectively work together, then there’s no question that the future of Web 3.0 will look exactly like what promised to be – a culmination of many voices dedicated to building a more equitable and innovative future.


Simon Yu, CEO and co-founder of StormX, is a crypto and e-commerce expert. He previously worked as a financial analyst intern for Amazon and senior credit risk analyst for KeyBank. After graduating from the University of Washington in 2014, he participated in a Berkley Blockchain Xcelerator held by the University of California in 2020.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/tsuneomp/Sensvector

Submit a Press Release

Industry Announcements

  • Huobi Set To Launch Trading Service in Hong Kong
    May 26, 2023
  • Stably Launches #USD As the First BRC20 Stablecoin on the Bitcoin Network
    May 25, 2023
  • The Open Network (TON) Unveils DeFi and Data Analytics Hackathon in Collaboration With DWF Labs and Amazon Web Services
    May 25, 2023
  • Ankr Partners With Mirage To Revolutionize the Web 3.0 Gaming Landscape
    May 25, 2023
  • Tulipart.com Launches a Collection of Tulip NFTs Minted Daily Over Seven Years
    May 24, 2023
  • Binance Futures Grand Tournament Returns
    May 24, 2023
  • TRON Collaborates With Nansen To Deliver In-Depth Insights From Blockchain Activity
    May 23, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,878.47
$27,878.47
2.4%
Ethereum
$1,897.92
$1,897.92
2.72%
Cardano
$0.378739
$0.378739
2.33%
XRP
$0.480566
$0.480566
1.54%
Dogecoin
$0.073198
$0.073198
1.03%

Spotlight

  • ChatGPT Creator’s Eye-Scanning Crypto Project Secures $115,000,000 in Series C Funding Round
    May 26, 2023
  • Gaming Represents the ‘Largest Scale Opportunity’ for Crypto, Says Polygon (MATIC) Co-Founder
    May 26, 2023
  • Top Crypto Analyst Spots ‘Moment of Truth’ for Ethereum (ETH), Highlights Bitcoin’s (BTC) Next Big Move
    May 26, 2023
  • Analyst Who Called 2022 Crypto Bottom Says Current Bitcoin Price Action Has Him Excited – Here’s Why
    May 26, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl