In order to be ahead of other countries in the ever-growing industry of blockchain, the US needs to come up with an enforceable and consistent blockchain policy.
Blockchain Industry Is Changing
With the current focus on technology moguls and the growing competition within the industry, including the recent July 2020 ant itrust hearing of the “Big Four” tech companies and US Congress , coming up with an established blockchain policy is very important for the crypto community to grow. Also, it will enable US to stay in the lead , making it not only the trading monopoly of the world along with China, but also the leader in blockchain industry.
The Importance Of a Good Underlying Blockchain
With the rising popularity of cryptocurrency invest ments and the recent Bitcoin bull run , a good blockchain infrastructure is considered essential and c rucial by many investors in the field. Digital dollars, cryptocurrencies and tokenization all rely on the blockchain ecosystem. However, that is merely the beginning of what blockchain can do for the economy at large.
For the benefits of blockchain technology to be reaped by global economy and for the advancement of mainstream adoption of cryptocurrencies, a blockchain policy needs to be developed and enforceable at the national level.
Bitcoin and Ethereum Race
Bitcoin and Ethereum, the two biggest names in the cryptocurrency market, have both been having good bull runs lately. Ethereum has plans of updating their blockchain ecosystem and launching Ethereum 2.0 mainnet , which is said to have bigger data capacity.
Another key feature of Ethereum 2.0 is that it will run on a Proof-of-Stake consensus algorithm instead of the current Proof-of-Work Ethereum mainnet . This will enable users in the Ethereum network to lock up their accumulated digital coins and get paid for helping secure the blockchain.
Bitcoin Surges Ahead Bullishly
As for Bitcoin, the cryptocurrency recently surged in pricing on the market, passing the $10, 000 mark. This was exciting for many crypto investors, including Gemini CEOs Tyler and Cameron Winklevoss. The cryptocurrency experience d a surge of as much as 15%, which is groundbreaking, as it is the highest price since last August.
In order for cryptocurrencies to continue being popularized, to attract more investors and to draw people away from traditional markets, a clear, concise and understandable blockchain policy must therefore be established.
The leading countries in crypto – USA, China, Singapore, among others – are therefore in a neck-to-neck race as to see who will be the first to instill one.