Even though Bitcoin’s market value is tanking, doesn’t mean the cryptocurrency industry is over and done with.
In fact, the real-world role of these coins now finally seem to be coming into play.
Just recently, the state of Wyoming passed a bill to recognize crypto as a legitimate currency!
That’s big news and a step forward for Bitcoin and other tokens in the ranks, especially during a time when so much negativity is surrounding these digital assets.
Let’s read between the lines of this newly enacted bill and see what it has in store for you in terms of earning cash from crypto.
As I write this, coin prices are still hovering at their lowest point since the start of 2019.
Sure, this downtrend has investors going to cash faster than ever before, but there’s more to this than meets the eye.
Just because shares are dropping doesn’t mean they’ll stay that way forever.
I guess you could say that crypto is getting a feel for the market and trying to find stable ground for its worth.
But Wyoming’s recent legislative action gives reason to believe that this volatility will come to an end sooner than expected. As of March 1st, all forms of cryptocurrency will be on the same playing field as the U.S. dollar and other forms of fiat money.
But this goes beyond the statewide acceptance of digital coins…
In order to fully bring crypto on board, banks and other financial institutions are required to provide custodial services for them.
This shifting landscape is great and all, but how exactly does it apply to you if you’re not a current resident of Wyoming?
Good question. Let’s take a step back and look at the bigger picture here.
The Wyoming bill is a stepping stone for the industry as a whole to gain further acceptance.
Now that one state has followed through with legitimizing cryptocurrency, others are sure to follow in its path and it’s really only a matter of time before this trend spreads across the rest of the nation.
More regulations and attributions will eventually lead to a recovery.
So, don’t let this six-month long price decline discourage you and change your perception of crypto’s true potential.
In many ways, the cryptocurrency movement is just getting started.
From here on out, expect to see more tokens adopted as a real form of money and watch what happens to the market afterwards.
Not only do these coins have the potential to add convenience and security to your everyday life, but they can also pump some serious profits into your portfolio.
Keep this in mind as you move forward with your trades and take this good news for what it is.
