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Cryptocurrency

Hawaii Seen Ready to Benefit from Bitcoin's Boom (Crypto Advocates)

2024-12-06

Bitcoin, a digital currency that has been making waves in the financial world, reached another record high above $103,000 on Thursday. This remarkable achievement was fueled by the expectations of a cryptocurrency-friendly White House. In Hawaii, local advocates believe that the state is well-positioned to capitalize on this booming market, although the full adoption of Bitcoin will take time.

Unlock Hawaii's Crypto Potential with Bitcoin's Record High

Bitcoin's Adoption in Hawaii

Since July, when state regulations on cryptocurrency companies were eased, Bitcoin has been adopted more widely in the state. Drip Studio HNL in Fort Street Mall in downtown Honolulu is one of the few businesses that accepts Bitcoin and has become a de facto hub for the unregulated local cryptocurrency industry. Co-owner Vincent Pohaku expressed his enthusiasm for the concept and ideas behind Bitcoin.This increased adoption is not only seen in businesses but also in other sectors. Schools and nonprofits, for example, have started accepting cryptocurrency for donations. Mid-Pacific Institute recently changed its policy to allow a donor to make a $200,000 gift. Shannon Cleary, Vice President of Institutional Advancement at Mid-Pacific, emphasized their goal of making giving convenient for donors and creating avenues for those who prefer cryptocurrency donations.

The Benefits of Bitcoin

Local think tank Grassroot Institute has urged the state to stop requiring digital currency companies to have a money transmitter license. Under the "double reserve" rule, companies had to hold cash assets equal to their digital assets. However, advocates argue that Bitcoin offers economic freedom and a way to hedge against inflation. Joe Kent, EVP at Grassroot, pointed out that with the cost of living rising continuously due to government printing of money, Bitcoin stands out as a more stable source of value. The supply of Bitcoin is capped, which makes it a reliable alternative."It's a money made by people for people," Kent said. "Finally, we have a competition for a better currency, and hopefully, it can help people get ahead of inflation."

The Risks of Bitcoin

Despite the potential benefits, critics warn that the cryptocurrency industry is rife with fraud. Investors have no protection or recourse if they lose money, and crypto prices can rise and fall drastically due to speculation. Economist Paul Brewbaker even calls crypto a medium of exchange for criminal activity.However, schools and nonprofits have implemented protections to prevent fraud when accepting cryptocurrency donations. This shows that with proper measures in place, cryptocurrency can be used safely in certain contexts.

Investor Considerations

While some may hold onto Bitcoin as an investment, others may choose to cash out to protect themselves from volatility. Kent advises first-time investors to be cautious and do their research. "Buyer beware," he said.As the incoming Trump administration pushes digital currency into the mainstream and Bitcoin reaches record highs, consumers are urged to consult with financial advisors. This ensures that they make informed decisions and understand the risks and benefits associated with Bitcoin.Copyright 2024 Hawaii News Now. All rights reserved.

Donald Trump has made a significant move by selecting venture capitalist David Sacks of Craft Ventures to take on the crucial role of artificial intelligence and cryptocurrency tsar. This newly created position showcases the US president-elect's determination to boost two rapidly evolving industries.

Trump's Strategic Move to Dominate AI and Crypto

Role and Responsibilities

David Sacks will be guiding policy for the Administration in the critical areas of Artificial Intelligence and Cryptocurrency. These two domains are of utmost importance for the future of American competitiveness. He will focus on positioning America as the clear global leader in both these fields. This appointment is expected to have a profound impact on the development and regulation of these industries.

Trump believes that Sacks' expertise and influence in the Silicon Valley will be instrumental in achieving these goals. Sacks has played a key role in bolstering Trump's fundraising efforts among technology industry donors. He hosted an event at his San Francisco home in June, which further strengthened his association with the president-elect. Additionally, he is closely tied to vice-president-elect J.D. Vance, the investor-turned-Ohio senator.

Impact on Cryptocurrency Industry

The new tsar position is anticipated to play a vital role in spearheading the cryptocurrency industry deregulation that Trump promised during his campaign. It is expected to provide cryptocurrency advocates with a direct channel to the White House, serving as a liaison between Trump, Congress, and the federal agencies that interact with digital assets. This includes the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The cryptocurrency industry is set to benefit from this direct access and influence. It will enable them to have a say in the policy-making processes and work towards creating a more favorable regulatory environment. This could lead to increased innovation and growth in the cryptocurrency sector.

Significance for American Competitiveness

Artificial Intelligence and Cryptocurrency are areas that hold great potential for enhancing American competitiveness on a global scale. By having a dedicated tsar like David Sacks leading these efforts, Trump aims to ensure that the US remains at the forefront of these technological advancements.

Sacks' role will involve collaborating with various stakeholders, including researchers, entrepreneurs, and regulatory bodies. This collaborative approach will help in identifying the right strategies and policies to foster the growth of these industries while safeguarding the interests of the country.

Pinellas students were recently treated to an extraordinary Christmas experience as they were able to play and listen along with the Florida Orchestra's annual Christmas show at Ruth Eckard Hall. This event brought the magic of live music to thousands of school children who had never witnessed such a performance before.

Unforgettable Christmas Musical Journey for Pinellas Students

Steinbrenner Family's Impact on Student Music Education

The Steinbrenner family's dedication to bringing the magic of live music to school children is truly remarkable. For years, they have been instrumental in providing these students with unique opportunities to engage with the world of music. Just recently, they brought the Florida Orchestra's Christmas show to life, allowing Pinellas students to be a part of something truly special.This event not only offered students the chance to listen to beautiful Christmas music but also taught them about the instruments on stage and the hard work that goes into putting on a concert like this. It was a day filled with learning and inspiration.

Learning Through Music: Instruments and Compositions

During the concert, students had the opportunity to learn how each instrument plays a crucial role in some of the most famous compositions. From the delicate dance of the sugar plum fairy to the bold leaps of the trepak from the 'Nutcracker', they witnessed the power of music in a whole new light. Dancers rounded out the experience, adding an extra dimension to the performances.It was a journey on a magical sleigh ride and to a frozen land far, far away, where the students couldn't help but get into the holiday spirit and be inspired to pursue music in the future. As A.J. Spencer, from Pinellas County Schools, said, "One of my favorite parts is the message that you can be one of these professionals on stage one day if you stick with it and continue to have experiences like this."

Opportunity and Inspiration for Underprivileged Students

Some of the students who attended the concert may not have had the chance to see a live orchestra otherwise. This was the dream of former Yankees owner George Steinbrenner, who started these concerts 34 years ago. His goal was to ensure that children from all walks of life could experience the magic of a live orchestra.As Julia Steinbrenner from the Steinbrenner Foundation shared, "We feel his presence in a lot of ways. This was something he was very passionate about - the Florida Orchestra, classical music, and exposing kids to music and helping them fall in love with it. He's felt here very deeply."The concert also featured dancing and a reading by Titus O'Neil, adding to the festive atmosphere. Palm Harbor University High's Choral group sang beautifully, and WWE star Titus O'Neal offered a message of hope and encouragement before reading the 12 days of Christmas.Mark Wilson even showed the students that you don't have to be a full-time musician to enjoy the arts. Afterward, every student left with a Yankee gift bag and a memory that will last a lifetime.Over the years, the Steinbrenner family has brought the magic of music to more than 200,000 Bay Area school children, fulfilling George Steinbrenner's dream and making a lasting impact on the lives of these students.