Tech
Austin’s Bitcoin scene is booming
It seems that Bitcoin is making a comeback. The value of the cryptocurrency has increased lately, in part due to the recent Securities and Exchange Commission approval of Exchange Traded Funds in Bitcoin. Along with the resurgence is a growing bitcoin culture in the Texas capital.
Tech expert Omar Gallaga joined the Standard to talk about why Austin has become a hot spot for bitcoin miners, venture capitalists and cryptocurrency fans.
Highlights from this segment:
– Austin has seen the influx of many blockchain companies during the pandemic – particularly from California – who were attracted by the lack of state income taxes in Texas, as well as the relatively lower cost of living.
– The Austin scene also includes many venture capitalists and investors from more traditional companies. The South By Southwest and Bitcoin Commons crypto panels are just a few of the other aspects that lend themselves to the city’s thriving crypto culture.
– Regulatory approval of Exchange Traded Funds, or ETFs, helped legitimize Bitcoin as an investment and sent the currency back to record highs.
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