Governor DeSantis (R-FL) Bets on Digital Assets

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Florida Governor Ron DeSantis is not fazed by the recent volatility in cryptocurrency, which is widely aligned with a broader action across the financial markets. As, he moves forward, supporting a pilot program that would allow Florida businesses to pay state fees in cryptocurrency. His budget recommendations last month included $200,000 for DFS to run such a pilot program.

From his perspective, Miami has opened the door to being a haven for digital assets under Mayor Suarez.

During a recent news conference announcing his recommended budget, DeSantis said, “A lot of people have flocked to South Florida over this issue, and so our view at the state government is [that] this is something we welcome, and we want to make sure the state government is crypto-friendly.”

His spokesperson 2Xd down in an e-mail, adding, “We always want Florida to be ahead of the curve, and we see the potential for cryptocurrency adoption, so it makes sense to offer the option to pay state fees in cryptocurrency – regardless of how much it fluctuates in an arbitrary time period.”

In an e-mail, Governor DeSantis’ spokesperson wrote, “Bitcoin and other cryptocurrencies are still relatively new and not widely adopted yet. They are still in the price discovery phase, meaning that prices will continue to fluctuate as investors, regulators and users around the world influence supply-and-demand dynamics.

Every day, more people around the world start buying and using cryptocurrencies. The more people own and trade an asset, including a cryptocurrency, the higher its market cap goes. The higher an asset’s market cap, the more difficult it becomes for any one investor to move the asset price. So as a general rule – the wider the adoption of cryptocurrencies, the less volatile their prices will become over time.”

Notably, the governor of 1 of Americas the largest states is not afraid to stand his ground.

The Big Q: Is the technology good?

The Big A: If the answer is yes, then the asset’s short-term volatility is not remarkable.

That makes sense to many investors in digital assets, and most of you know that cryptocurrencies and digital assets are here to stay, as is blockchain technology.

Governor DeSantis stands tall and that is a positive for digital assets.

Have a prosperous week, Keep the Faith!