Blockchain
Scott Tindle: Alabama can capitalize on the cryptocurrency and blockchain boom
In recent years, Alabama has become the home of innovation and excitement. From aerospace to automobiles to agriculture, Alabama has found itself uniquely positioned to lead the nation in a number of important industries that will define the remainder of this century and beyond. One such sector is the booming market for digital assets, such as cryptocurrencies, which is spreading across America.
Cryptocurrencies, or “crypto,” use blockchain technology to manage financial transactions. Instead of a bank or government controlling your money, a decentralized “blockchain” stores information about every transaction and ensures it cannot be changed by outside parties. In other words, no one else can control what another person does with their assets.
I host a weekly show called Beyond the Blockchain on Mobile’s Talk 106.5, so I know firsthand that Alabamians are curious about cryptocurrencies. But even I was surprised by recent data from Morning Consult that showed that nearly 700,000 Alabama adults owned a digital asset like cryptocurrency. This represents approximately 18% of our state’s growing population.
As an attorney, I also have many clients who ask me how to implement blockchain and other crypto assets into their businesses or personal lives. Interest in cryptocurrencies in Alabama appears to be at an all-time high and growing every day.
With all this enthusiasm for cryptocurrencies in our state, Alabama is uniquely positioned to become a major center of crypto innovation and job creation. However, some of our state officials are siding with anti-cryptocurrency politicians like Elizabeth Warren and Joe Biden. Instead of bringing new industries and jobs to our state, they want to continue allowing select institutions to control your financial information. Some even go so far as to sue companies that help Alabamians purchase, hold and work with cryptocurrencies.
Fortunately, some of our leaders in the state understand this. Both the State House and Senate recently held hearings on the potential of blockchain technology to grow our state’s economy. Governor Kay Ivey recently signed a resolution establishing a blockchain study commission. This is great progress, and I applaud our state’s leaders on this issue.
It is incredibly important that all pro-crypto Alabamians raise their voices and tell state leaders to stand with all cryptocurrency-owning Alabamians to ensure our state continues to be a hub of innovation and job growth in our nation.
Scott Tindle is a mobile lawyer and consultant focused on integrating blockchain technology and digital assets into business. Scott is also the host of Beyond the Blockchain, a weekly radio show on FM Talk 106.5. You can follow him on Twitter @Scott_Tindle.
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