It seems as though everyone is looking for a way to get into crypto. That includes new york, citys newest mayor, and it also includes some big banks. That seems to be why the ceo of jpmorgan chase jamie dimon is referring to bitcoin as fools. Gold on one hand, while his company offers crypto funds to his clients, so joining me now to discuss the latest is boom bus, co, host and crypto analyst ben swann now ben. I know youve been covering crypto for a while now. So what do you make of this news that mayor elect eric adams will be taking his first three paychecks in bitcoin? I mean: is that something that you think will continue? Well, it should, if hes smart itll, take all of his paychecks in bitcoin, not just the first three, but what hes trying to do is kind of one up the mayor of miami, so the mayor of miami just announced recently that his next paycheck single paycheck will Be in bitcoin because miamis been taking a kind of a hard line over the last few months to say that they want to bring the entire crypto industry into miami. Give tax incentives to any blockchain based companies. Crypto companies theyre trying to get them in miami draw them in any way they can so eric adams is saying one of the things he wants to do in new york is to attract that same group and bring it into new york.

Listen its not just about bitcoin its, not just about the the currency itself. Its also about the fact that surrounding cryptocurrencies is an enormous and emerging blockchain industry uh. That is completely redefining, not just the financial sector, but the tech sector as well, and so the the attempt here is to draw as much of that business into new york to try to create a tax environment, thats friendly to try to create a cultural environment. Thats inviting to bitcoin into other cryptocurrencies and to the blockchain right now. Another aspect of this is kind of where big banks are concerned and its no surprise that they would be skeptical of cryptocurrencies. But what do you make of this ongoing effort to explore crypto offerings that weve, seen so far from big banks like jp morgan? Well, listen jp, morgans kind of led the way while simultaneously the ceo of jp morgan, uh jpmorgan, jamie dimon has actually criticized and kind of talked a lot of trash. If you will about cryptocurrencies and specifically bitcoin, meanwhile, they make offerings available to their clients to invest into bitcoin funds. The other thing thats happening, though thats more significant, is that theres something called the swift banking system which uh our viewers, probably know what that is. If you make any kind of international transaction right, it runs through something called the swift system, thats how you make an international banking transaction, its slow takes a long time for it to happen and its fairly expensive.

Well, one thing that cryptocurrencies have done is completely redefined. That entire system allowing people to have an extremely inexpensive way of making an international transaction and it it happens almost instantaneously, depending on which cryptocurrency you use bitcoin, takes a little bit longer than some of the others, but others can be uh instantaneous, and so the reason For the banks wanting to get involved in, that is because their system current system is completely antiquated. They see on the crypto side, theres a huge uh set of growth there, and so they want to mimic that and and incorporate that its also because eventually theres going to be a us cbdc, a central bank, back digital currency, a federal reserve, digital coin. It is on its way at some point. It will be here, and many banks are trying to get in line and prepared for that when it does happen, oh yeah, they want to be the first in line in terms of getting onto that technology. Now, where does this put possible federal regulations? I mean were talking about cities that want to be more tax friendly to try to attract crypto users were talking about the growth and innovation that is going on and on so, where does the federal government stand in all of this? Well, the federal government in many ways, kind of stands in opposition to a lot of whats happening in the crypto space and the the sec has been very unclear about what theyre doing with crypto uh.

How theyre approaching it? Why theyre approaching it the way that they are theres a lot of gray area? Where hardly anyone can understand exactly what the point of a lot of the regulation is, so the feds have not done a good job of creating a welcoming environment. In fact, part of the reason for that i think you could argue is because the feds obviously control the money system, the monetary system in this country, and they see cryptocurrencies as a competitor to that, and as i mentioned eventually, the feds are going to bring forward Their own digital currency and so theyre, already kind of setting up the environment to favor theirs over everyone else. So theres, a big difference on the federal level and on the local level on the local level. Listen tax revenue and industry and bringing jobs to cities is what fuels the economy of a city. It doesnt fuel, the economy of of the country, doesnt fuel, the federal economy. The federal economy is completely built in a different way than a local economy, so the local economies are trying to attract the industries and the businesses the entrepreneurs theyre, trying to attract all that into into their locales. But the feds are looking at a very different thing and i think more than anything the feds are looking at competition that can and eventually will come when they launch their own cbdc. Oh absolutely now ive got about 30 seconds left here.

Weve talked about. You know how searches for positions, including crypto and blockchain, have surged 615 over the last year. So is this the case where cryptos here to stay, especially on the local level, absolutely hey, kids, if youre trying to figure out what to do with your life and when youre going to study in school start learning how to code start learning how to deal in The blockchain that is, the space that you need to be involved in if you are a blockchain developer, you are highly in demand and can and can do extremely well for yourself. That is the industry that you want to be in right now: boom bus, co, host and crypto analyst ben swann. Thank you so much for your time and insight today.

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