How Entrepreneur-Politicians Will Capture Talent and Harness the Power of Crypto to Improve Their Jurisdictions
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No phrase has become more synonymous with Web 2.0 than Silicon Valley. Companies like Facebook, Apple and Google are almost equivalent to the Bay Area and its walled garden of innovation.
However, 2021 has been an inflection point in technological history. For the first time, the notion of Web 3.0decentralized and community-supported technology had a chance to upend the centralized behemoths that have dominated the internet since the late 90s.
With this possibility in mind, builders began leave silicon valley en masse to explore new places and work alongside crypto natives who had previously been labeled as outsiders.
While the future of crypto is still uncertain, today there is an inordinate opportunity for Web 3.0 to not only be decentralized in terms of the underlying technology, but also in terms of where this industry is under construction.
As a result, savvy political leaders on both sides of the party line are tapping into their own entrepreneurial sensibilities and signaling Web 3.0 innovators with a very specific message.their respective cities, states, and countries are crypto-friendly.
However, to make this possible, this new breed of entrepreneur-politicians will have to operate in new and unexpected ways. Here’s what it looks like.
Politicians will have to think and act like founders
In September 2021, El Salvador made history by becoming the first country to make Bitcoin Legal Tender. President Nayib Bukele thought like an entrepreneur and decided to leverage an emerging technology to solve a widespread problem help approximately 70% of Salvadorans who do not have access to traditional financial services to plan for the future.
While the volatile nature of Bitcoin and the latest stock market crash have led many people to question the president’s decision and its impact on his country’s economy, El Salvador’s decision to embrace Bitcoin was a huge step forward for crypto one that helped propel the notion of DeFi onto the global stage.
Additionally, Miami Mayor Francis Suarez has taken an approach typically reserved for tech founders. go to twitter to engage with a community of like-minded builders and gain their support when it came to transforming Miami into a genuine tech hub.
To date, the mayor has launched an experiment called MiamiCoin – a city token designed to generate new community-supported revenue for the local government. He also helped attract top venture capitalists and even convinced some of the biggest names in the game to trade the Bay Area for the beaches of Miami.
For Web 3.0 hubs to truly take hold outside of Silicon Valley, more politicians and leaders will need to think critically about how they can attract top crypto builders and companies to their jurisdictions.
Lobbying and education efforts will be instrumental in mass adoption of scuba diving
Even though lobbying for crypto and DeFi is just getting started, it’s already punching well above its weight. Compared to pharma, tobacco and securities and investments industries that have been around for decades spending on crypto a significantly new industry was significant.
Coinbase, Ripple and the Blockchain Association have been the biggest donors so far, with support from the Blockchain Association from $540,000 in the first quarter of 2022 to $590,000 in the second quarter of 2022 (and equivalent to over 60% of total industry spending for the second quarter).
This support is critical to the widespread adoption of crypto, as thoughtful regulations are needed to stabilize the industry and encourage more institutions to participate in investing in digital assets.
Therefore, politicians who can thoughtfully appeal to this fledgling industry and work with Web 3.0 leaders to create the kind of legislative environment that will allow crypto to thrive will gain incredible support from a sphere that should not only grow when it comes to both money and radiation.
At the same time, political leaders who actively push for crypto education and exposure should have a head start in terms of garnering support from top Web 3.0 players.
Mayor of Reno Hillary Schiev which is piloting NFT public art projects and a new initiative that would allow the city to publish historical records on the blockchain focuses on providing those who live under its jurisdiction frictionless exposure to Web 3.0.
By making the onboarding process effortless, Mayor Schieve has a real opportunity to harness the power of crypto and create positive downstream effects for everyone in his city.
Leaders will need to effectively assess the promise that crypto holds
While the current bear market has shaken up the crypto industry and exposed a number of bad actors in the ecosystem, the fact is that 2021 has really shown the world how decentralized technology has the ability to revolutionize the internet such that we know him.
The potential impact of crypto has yet to be fully realized. However, at present, government officials still have an opportunity to capitalize on this potential, and their best option is to operate as entrepreneurs themselves by actively welcoming crypto builders into their jurisdictions and fighting for regulations. that preserve the ethics of decentralization. If they don’t, top talent and revenue will inevitably go elsewhere.
There are still many challenges for politician-entrepreneurs to overcome, especially in light of the negative effects of the 2022 bear market. Thus, Web 3.0 will need the support of vocal political leaders to help it fully materialize.
However, if crypto and entrepreneur-politicians can find a way to work effectively together, there is no doubt that the future of Web 3.0 will look exactly as promised.a culmination of many voices dedicated to building a more equitable and innovative future.
Simon Yu, CEO and co-founder of StormX, is a crypto and e-commerce expert. He previously worked as an intern financial analyst for Amazon and senior credit risk analyst for KeyBank. After graduating from the University of Washington in 2014, he participated in a Berkley Blockchain Xcelerator hosted by the University of California in 2020.
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