Introduction
Cryptocurrencies have divided opinions worldwide and have caused people with similar affiliations to take different viewpoints. We currently see differing views emerge that impact events such as Super Bowl and even divide opinions amongst the representatives of state and federal governments.
Super Bowl Advertisements and Stablecoins Dominating the Talks in Senate
Cryptocurrency ads during the Super Bowl were a hit amongst the fans. The advertisements were a welcome turnaround from last year’s ads marred due to the Covid-19 pandemic. However, although most people enjoyed the advertisements, a representative of the senate found them lacking transparency, amongst other things. The man who did not like them was Sherrod Brown, the senate banking chairman.
Mr. Brown made his concerns known during a hearing that was held to discuss stablecoins. The council decided that stablecoins like Tether require more regulations. He acknowledged that stablecoins are almost like money; they are far from being accepted at a store next door.
For the uninitiated, stablecoins are cryptocurrencies that are almost like Bitcoin and Ethereum, but with one significant difference. A stablecoin is tethered to a fiscal currency like the US dollar to prevent price volatility. However, despite being more stable, Mr. Brown wasn’t convinced it would be used regularly for common transactional exchanges like the dollar.
Colorado Accepting Crypto Payments Despite Cryptos Lagging in February
Last year’s high in the cryptocurrency world caused many a heart to flutter. It also rekindled hopes for a better future in 2022, but it hasn’t been the case so far. The king of coins, Bitcoin, clawed its back to over $40,000 in February, but it has again fallen below $40k at the time of writing.
Despite the fall in the prices of cryptocurrencies, we see many states looking up to cryptos as the future. For instance, Jared Polis, the Colorado Governor, has announced that the state will start accepting cryptocurrencies for state-related transactions such as tax payments.
The initiative will be set in motion after Colorado partners with cryptocurrency companies. The association with these companies will help convert Bitcoin to US dollars.
One of the main concerns of the governor has been holding onto the cryptocurrencies for too long. As we all know, the price of cryptos can vary based on speculations; keeping it for the long term can exacerbate the risk.
The step by Colorado governor is at loggerheads with the US House stance against cryptocurrencies. Even the federal bank isn’t too pleased with the rise of cryptocurrencies such as bitcoin. Therefore, Mr. Brown’s initiative breaks the mold as it aims to promote cryptocurrencies for mainstream use.
Conclusion
Given the situation regarding cryptocurrencies, we can see different viewpoints emerge. While the state governments want to leverage cryptos for financial gains, the federal government wants to control it and is not too happy with their rise. There is no single viewpoint dictating the policies, which clearly points to the power of cryptos to divide opinions.
Also Read: Top Cryptocurrencies to Keep in Your Crosshairs in February 2022