Positions have been presented in support of the implementation of Bitcoin as a financial instrument of legal tender. On this occasion, the Governor of Florida, Ron DeSantis, manifested an initiative to introduce cryptocurrencies to the local economy.
This state official would support the development of a system of products and payments related to the crypto world.
The state government joins the initiative
It is not the first time that opinions related to the implementation of Bitcoin have arisen in the state of Florida, in the United States. The truth is that for some time, some local officials have been trying to welcome the crypto world.
Such is the case of the current mayor of Miami, Francis Suárez, who showed his support for BTC innovation since the beginning of 2021. From his point of view, cryptocurrencies would represent an economic advantage for the payment of employees using cryptocurrencies. In addition to this, the possibility of attracting investors involved in the sector would arise.
Given the positions of support for said ecosystem, now it is the governor of Florida who is in favor of the implementation. DeSantis believes that the use of Bitcoin should not be condemned, on the contrary, he wants government regulations to be «friendly», seeking to stimulate the local economy.
This opinion appears at a time when the mayor of Miami was already receiving the go-ahead from Miami-Dade County. Both entities would seek to generate some synchrony with the crypto market to integrate cryptocurrencies with salary payments, services and taxes.
This scenario is joined by the state government, which would try to find some way to positively legislate in the field of digital assets. “This is something that we welcome and want to make sure the state government is crypto friendly,” DeSantis said.
A journey still uncertain
Although there is progress regarding the implementation of cryptocurrencies, it has not been made clear what procedures the state of Florida will take to materialize the idea. The parties involved have not yet agreed to speed up the process.
However, the intentions are present, including the arrival of more investors interested in the crypto world. The availability already exists for a fraction of the business sector to formalize the use of the benefits of Bitcoin in terms of financial transactions.
This sector cautiously awaits the measures taken in the state to open the doors to cryptocurrencies.
On the other hand, the acceptance process continues to be slow, while the governor of Florida tries to manage the situation with the rest of the officials. The regulatory reality remains uncertain and most officials have not become familiar with the new environment.
Despite this, Ron DeSantis is optimistic, waiting for the relevant legal processes for the regulated approval of Bitcoin and other cryptocurrencies to be consolidated.
Public companies became more involved with Bitcoin in 2021
With the growth experienced by the crypto market in recent months, traditional business sectors would be interested. While ETFs increased their capital invested in digital assets, public companies came to take part of Bitcoin’s share.
Onchain analyst Willy Woo showed information related to the participation of said companies. He was alluding to new BTC holdings acquired over several months.
Crypto market influence
As the year progressed, cryptocurrencies were engulfed in a landscape of many moves, from both companies and retailers. In this case, the price boost in the crypto sector would draw the attention not only of private entities.
On the one hand, ETFs (exchange traded funds) were constantly involved in the acquisition of BTC. At the same time, public companies were also interested in the performance of the leading cryptocurrency over the months.
The comparisons made indicate that these companies occupied a considerable share of the coin purchases. The acquisition spree was influenced by growth reports as well as crypto conferences.
In this sense, the financial intelligence firm, MicroStrategy, was an important factor in influencing the crypto market.
At the beginning of last year, the company held the “Bitcoin for Corporations” conference, which turned the eyes of investors. The event discussed the ideal legal environment for those looking to get closer to Bitcoin.
Participation of more investors
Since the market assimilated the strong momentum of the crypto market in previous months, Bitcoin holdings have reached the hands of different firms. Exchange traded funds and traditional companies made constant capital inflows to cryptos.
While the ETFs made direct purchases, public companies resorted to various methods, such as the use of futures, for example. This scenario contributed to BTC reserve portfolios rising relatively quickly.
Part of the acquisitions were made by MicroStrategy itself, this being one of the companies that currently owns the most coins. A month ago, this company added another 1,914 BTC to its reserve, which is now around $5.8MM.