The price of Bitcoin fell by one-third this week, driving analysts wild. As Wyoming seeks to diversify its revenues through cryptocurrency, should the state be worried about more booms and busts?
Building cryptocurrency mines would leverage the state's competitive advantages and existing workforce, Dodson opines. Current policy, however, instead tries to compete with London for bankers and programmers.
When Wyoming passed legislation favorable to the budding industry, Dodson writes, the state forgot to require some benefits in return — like jobs or revenue.
The Legislature, in collaboration with industry-insiders, has passed a raft of industry-friendly legislation. Now the state waits to see who comes.
A former proponent contends that holders of cryptocurrency wealth are writing statute with little checks from lawmakers who don’t fully understand the legislation.