<a href="https://www.cryptoknowmics.com/news/desantis-to-let-florida-businesses-pay-fees-with-crypto/" target="_blank" rel="noopener">Florida</a> Governor Ron DeSantis is unconcerned about recent cryptocurrency volatility, which has been linked to a broader market downturn. The markets have unquestionably been impacted by the uncertainties over Covid-19 and the developing scenario in Ukraine.

But the governor of Florida persisted, endorsing a pilot scheme that would allow businesses in the state to pay state levies in cryptocurrencies. Last month, he proposed a budget that includes $200,000 for DFS to launch a trial program like this.

Under Mayor Suarez, he believes, Miami has opened the door to become a refuge for digital assets. DeSantis remarked during a recent press conference announcing his proposed budget. He said:
<blockquote>“A lot of people have flocked to South Florida over this issue, and so our view at the state government is [that] this is something we welcome, and we want to make sure the state government is crypto-friendly.”</blockquote>
<h2>There is Still Some Time For Bitcoin to Get Fully Accepted, Says DeSantis’ Spokesperson</h2>
While some speculated that Bitcoin's volatility meant the government had less spending capacity following a dip, the opposite is also true. Holding cryptocurrencies during an upswing would provide you with more spending power. In response to the latest movement, the governor's administration had a firm response. DeSantis' spokeswoman wrote in an email: 
<blockquote>“Bitcoin and other cryptocurrencies are still relatively new and not widely adopted yet. They are still in the price discovery phase, meaning that prices will continue to fluctuate as investors, regulators, and users around the world influence supply-and-demand dynamics.

Every day, more people around the world start buying and using cryptocurrencies. The more people own and trade an asset, including a cryptocurrency, the higher its market cap goes. The higher an asset’s market cap, the more difficult it becomes for any one investor to move the asset price. So as a general rule – the wider the adoption of cryptocurrencies, the less volatile their prices will become over time.”</blockquote>
It's a simple statement, but in a world where the government doesn't always have the best knowledge of the blockchain industry – or even of business in general – it's encouraging to see the governor of one of the country's major states standing firm.
<h2>DeSantis Support is a Boon For Cryptocurrencies</h2>
The question should be straightforward: is the technology up to par? If you answered yes, the asset's short-term volatility isn't very high. Just as one wouldn't estimate a blue-chip stock's long-term viability based on a market down month in general.

Many digital asset investors agree, and most readers of this column are aware that cryptocurrencies and digital assets, as well as blockchain technology, are here to stay. Politicians, on the other hand, aren't necessarily moved by the same common sense that the rest of us are. Politics, on the other hand, often moves them — especially in election years.

With Bitcoin's price dropping, it would be simple to cancel this test program. Budgets fluctuate a lot along with the procedure. But that was not the case in Florida. Governor DeSantis held firm in his position. That's great news for digital assets.

Governor DeSantis of Florida is a Firm Believer in Digital Assets

Florida Governor Ron DeSantis is unconcerned about recent crypto volatility, that has been linked to a broader market dip. His support is a boon for crypto.

Meghna is a graduate of the Indian Institute of Journalism &amp; New Media specializing in  Print Journalism. She is currently working as a content writer for Agio Support Solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.

Governor DeSantis of Florida is a Firm Believer in Digital Assets

Top Picks