Cryptocurrency has been gaining a lot of popularity due to many reasons one of them being high liquidity rate. Cryptocurrency is getting a lot of support from many reputed investors, businessmen and leaders all around the globe. The vision for cryptocurrency is that, the digital currency will be a revolutionary move towards technological development. Some of the investors also feel that, in future, all our payments, all the government documents can be utilized by using cryptocurrency. Some also feel that, using crypto will help create more job opportunities, improve the economy and continue to be a magnet for talent all around the globe.
Mayor Adams and his effort in bringing cryptocurrency at the forefront
New York City Mayor Adam, has left no stone unturned in brining cryptocurrency at the fore front. He wants crypto to grow to such an extent, where the salaries of the people is given to them in the form of crypto. To show his support for crypto, Adam announced that he would be accepting his first three paychecks in cryptocurrency. But, due to Department of Labour Regulations, New York City cannot pay employees in crypto. So, anyone who is paid in USD can use crypto exchanges to convert their funds into cryptocurrency before the funds are deposited into their accounts. Since, Adams is a strong believer in cryptos, he converter his first three paychecks into Bitcoins and Ethereum. To take the argument forward, Adams has also claimed that, crypto technology blockchains to be used to store birth certificates, property deeds and other government documents.
Use of Crypto Tech for all purposes
Picture Credits: Medium
As Adam made comments on crypto, many investors, people backed his argument, by explaining that storing one-of-a-kind government documents on a digital ledger would help in cutting down the administrative costs. Many administrative blocks have also experimented using blockchain for property deeds in recent years. Factually, a hospital in Brazil in 2019, put a newborn’s certificate exclusively on the blockchain through a partnership with IBM. The future for crypto looks interesting to say at the least, because of the volatile nature of the market, there is no guarantee of the future.
Writer’s report:
After reading the support given to crypto by many investors and people with high stakes in crypto and after seeing the market drown in span of a day and wiping out billions of moneys, it seems like a tug-of-war and the stronger the hold, the better are the chances of winning. So, while there are many investors who have shown interest in crypto, will they hold onto the interest in these testing times or will they flourish in the market? We will need to wait and watch.
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