New York's Bitcoin Embrace: 3 Reasons Why It's a Genius Move

To be frank, it’s a race against the clock, to put it mildly. If we want New York to continue to be a global leader, we need to not be mired in the past. I think Bitcoin is coming to New York in what will turn out to be a genius play. Assembly Bill A7788 is a welcome sign of this exciting opportunity. Never mind the naysayers hanging on to obsolete ideas by their fingernails – this is proving New York can be a better, more welcoming place for everyone. It’s less about New York jumping headlong into the future than it is about New York shuffling in its general direction.

Finance For All, Finally

Consider a low-income, single mom living in the Bronx, who juggles two jobs to provide for her kids. Not only is the teacher crushed, but every month she relinquishes thousands of dollars of her hard-earned money. Exorbitant check-cashing fees and predatory lenders drain her finances because she doesn’t have a bank account. This is the daily reality for millions of New Yorkers. The answer is no — we cannot just sit back and allow this to happen.

Bitcoin offers a lifeline. By allowing state agencies to accept Bitcoin for payments, we are opening the door to a more inclusive financial system. Cheaper transaction fees, quicker processing times, and broader access to financial services – sounds like a golden thread. Think of it: no more waiting in long lines to pay bills, no more hidden fees eating away at savings. It’s about empowering those individuals and families so that they can take control of their own financial lives.

Even as the industry takes hold, strong critics such as Attorney General Letitia James have warned of possible national security threats and the US dollar losing its supremacy. I hear those concerns, but I think they are perfectly reasonable and manageable with the right type of safeguards. Are we really, really arguing that we should restrict low-income people’s financial access? This is even though these risks can be easily managed. As dangerous as the process of democratization can be, the benefits greatly outweigh the dangers when taken with proper intention and foresight.

Innovation's New York Home

For New York to remain a leader, it must be an engine of innovation. It's in our DNA. Our skyscrapers stab at the heavens to prove the world our mettle. Our arts institutions are bursting with groundbreaking art, a testament to our dedication to innovation. So embracing Bitcoin and all its use cases, like crypto philanthropy, is just the next logical step.

Think about it: by sending a clear signal that New York is open to cryptocurrency, we'll attract blockchain companies, developers, and investors from around the globe. These are the innovators who will create millions of new jobs, develop breakthrough technologies, and stimulate long-term economic growth. We’re not just talking about being the next new Silicon Valley—we’re talking about doing it right, in New York.

Take a place such as El Salvador or a city such as Zug, Switzerland. Despite their share of problems, they have led the way in showing how cryptocurrency can be used to restore economies and draw new investment. We do not need to repeat their experiences, we can learn from them and craft what works best for New York.

It should not be limited only to Bitcoin. It’s about the promise of blockchain technology to disrupt industries like finance, healthcare, and supply chain. New York absolutely has the talent, the resources, and the ambition to make the state ground zero for that future. We can’t miss this moment by holding onto old boogie men.

Let's face it, the economy is uncertain. With inflation continuing to eat away at our purchasing power, all the traditional investment strategies are swimming against the tide. During uncertain times like this, we need to diversify our portfolios and look for other stores of value.

Inflation? Bitcoin is The Antidote

Bitcoin is highly volatile, but it provides an excellent hedge against inflation and economic uncertainty. Its limited supply naturally insulates it from the inflationary pressures that decimate fiat currencies. I’m not advocating that all of you go out and invest your entire life savings into Bitcoin. A limited, calculated investment towards cryptocurrency helps expand the investment portfolio and lessen exposure to risk.

Consider the historical performance of Bitcoin. Though it has had very wild price fluctuations, it has more than made up for that by being a fantastic long term performer relative to traditional inflation hedges. This ain’t no get-rich-quick scheme! It’s our long-term investment strategy and moral commitment to do so that we believe will ultimately protect our people’s wealth in an advancing uncertain world.

Attorney General James' concerns about national security are valid. Let's not throw the baby out with the bathwater. We can address those issues with appropriate regulations and enforcement. Together, we can create a more resilient and prosperous New York.

This is not only an issue of justice and equity, but it’s about our freedom, innovation, and creating a better future for all New Yorkers. Let’s build on the progress and capitalize on the potential to ensure that New York can be a golden child of the digital age.

This isn't just about money; it's about freedom, innovation, and building a better future for all New Yorkers. Let's embrace the possibilities and make New York a leader in the digital age.