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Bitcoin seems to be making a comeback. The value of cryptocurrencies has recently skyrocketed, due in part to the recent Securities and Exchange Commission decision. Bitcoin Exchange Traded Fund Approval. With a resurgence, Bitcoin culture is growing in the Texas capital.
Technology expert Omar Galaga joins the Standard to discuss why Austin has become such a hotspot for Bitcoin miners, venture capitalists, and crypto enthusiasts.
Highlights of this segment:
– Austin has seen an influx of blockchain companies during the pandemic, particularly from California, drawn by Texas’ lack of state income tax and relatively low cost of living.
– The Austin scene also has a lot of venture capitalists and investors from more mainstream companies. South by Southwest’s crypto panel and Bitcoin Commons are just a few of the other aspects that lend to the city’s burgeoning crypto culture.
– Regulatory approval of exchange-traded funds (ETFs) legalizes Bitcoin as an investment, sending Bitcoin back to record levels.
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