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California: Midterms See Largest US State Elect Pro-Bitcoin Governor


gavin newsom bitcoin california

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Gavin Newsom is considered to be “pro-bitcoin.” Certainly, he’s willing to accept BTC for campaign contributions. He also has a record of being pro-technology in general, believing the government should be “performance-based” and that “government information and services at every level should be thoroughly ‘digitized,’ enabling citizens to conduct business with public agencies online.”

California’s New Governor Has Accepted Bitcoin Donations

Most importantly, he’s now the governor of California. This means that one of the most influential people in the most populated state with the largest technology sector in the United States is friendly to the cause of bitcoin. This alone is cause to celebrate, maybe, but it doesn’t mean the Democratic politician is necessarily all in for the various stances that many — though not all — cryptonaughts hold: the right to privacy, low if any taxes, and so forth.

It’s no secret that California, particularly Northern California, is home to some of the largest technological and financial technology innovation companies in the world. Coinbase, based in San Francisco, is probably relieved to have a Bitcoiner in the governor’s mansion. The California BitLicense proposal died in the legislature in January, and with a pro-bitcoin governor now holding sway, it’d be harder to get restrictive bills signed into law.

Freedom to participate and innovate is crucial for the growth of a crypto economy, and while other states may be focused on collecting fees and restricting the activities of crypto exchanges and other types of crypto businesses, California is still free from overly restrictive laws like the BitLicense in New York.

Colorado Also Gets Bitcoiner in the Governor’s Mansion

Jared Polis, newly elected governor of Colorado, has frequently spoken of the benefits of the blockchain. He specifically advocates making Colorado a “safe harbor” for bitcoin companies:

“Similar to Wyoming, I will work alongside the legislature to create a statewide safe harbor designed to exempt cryptocurrencies from state money transmissions laws, and I will work to establish legislation that protects “open blockchain tokens” or cryptocurrencies that are exchangeable for goods and services. These moves could allow our state to attract innovative companies and allow them to engage freely in them – as issuers, exchanges, wallet providers – without the licensing requirements of the multitude of securities and currency laws. Colorado can pave the way into the future and implement safeguards here at home with the hope that the federal government can catch up to our progress. These ideas, while bold, will put Colorado on the map for fostering new technology and experimenting with the best way to implement safeguards here at home and across the nation.”

Polis was the first US representative to ever accept bitcoin as a campaign contribution. He didn’t spend long in Congress before vying for the governor’s seat, and now he’s won, meaning that Bitcoiners in Colorado may find themselves in a specifically friendly environment to begin doing various types of blockchain business – legally, with limited interference at the behest of the government.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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