The Global Domino Effect Once The US Embraces Crypto
To investors, The recent 180-degree change in the Democratic party related to crypto may have global repercussions. As I wrote to you yesterday, there has been a noticeable shift in the way politicians, especially Democrats, are treating the crypto industry. The Ether ETFs continue to increase their odds of approval. The DTCC listed VanEck’s Ether ETF ticker yesterday, which confirms the acceleration of progress on these applications. This was believed to be a 0% chance of approval on Monday morning, but the consensus by Monday night was that approval was more likely than not. Additionally, President Trump is now accepting cryptocurrency donations for his campaign. This was a promise he made about two weeks ago during the event at Mar-a-Lago with various cryptocurrency proponents. This is putting immense pressure on the Biden administration. As the Blockchain Association’s Dan Spuller pointed out, compare these two messages sent out by the campaigns on the same day: It is pretty clear that crypto is now a campaign issue that politicians are going to have to continue to address. So what happens if both political parties are forced to support crypto? That would obviously be positive for prices and adoption in the United States. It would also stop the leaking of innovation internationally by crypto builders who have been leaving the US to seek friendly jurisdictions. And it would cement US capital markets as the leader on the global stage for the foreseeable future. But those are simple things to conclude. The most interesting thing to me is whether we could see a global domino effect. At the moment, according to Perplexity, here are the countries that have banned bitcoin or cryptocurrencies:
Not exactly a short list. If the United States embraces the technology, it is likely that most of these countries will have to change their position as well. This is what I mean by global dominos. The United States dictates so much of what happens across the world and the stakes for the future of finance are incredibly high. You can see the adoption of US dollar stablecoins as a great example of how this new industry is having profound impacts on global finance, so it makes sense that the lines will be blurred and countries are going to have to embrace it. Lastly, it is not lost on me that various politicians embracing crypto right now are doing so out of personal benefit. Most of them couldn’t care less about the technology or the future, but rather they see the industry as a way to further their goals and/or campaigns. That is perfectly fine. The world runs on incentives. Crypto investors have long talked about the personal incentives for individuals and companies will drive global adoption. Now we are seeing it with politicians who believe they have found a new area that can lead to more fundraising and more votes. More power to them. The rest of us will simply continue watching the global adoption of new technology that we have been predicting for years. Beautiful sight to see. Hope you all have a great day. I’ll talk to you tomorrow. -Anthony Pompliano Noah Kerner is the CEO & Chairman of Acorns, the financial app helping everyday citizens invest with spare change. In this conversation, we talk about building a brand, design & product decisions, why they are serving such a unique customer, surprises, and what Acorns looks like in the future. Listen on iTunes: Click here Listen on Spotify: Click here Acorns CEO on Building Fintech App for the MassesPodcast Sponsors
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