Cryptocurrency and the Cannabis Industry
It seems like America is under the spell of two things at the moments, both of which have charmed people to no end, and continue to grow in their influence. Both are mavericks in their own right, and both challenge the corrupt status quo, while being opposed viciously by those who would see them die, due to the threat they pose to existing wealth structures in the business.
We are talking of course, about cryptocurrency; more specifically Bitcoin, and the cannabis industry. Both are booming, and both have their market, as well we opponents in high places. Recently, they seem to be coming to some sort of agreement, after speculation for some time, regarding the future of cannabis-related transactions which naturally require a medium that cannot be controlled as rigorously as cash.
How the Cannabis Industry and Cryptocurrency are Naturally Suited
Seems like a match made in heaven, once you sit down and think of it! A currency that is based on a distributed ledger system, is not strictly regulated and despotically controlled, as well as traced by the government. An industry that is gaining ground every single day, with more and more people voting in favor of decriminalization and legalization. On the surface they seem like the perfect coupling; basically a recipe for economical success. Dig a little deeper though, and you see some of the nuances which make it slightly more complicated.
Volatile Nature of Cryptocurrency
No currency, digital or otherwise, has ever experienced as much volatility as Bitcoin. The extreme hikes in value, followed by forks which result in a value drop, are common news for what is perhaps the most interesting investment at the moment. This makes it somewhat unsuitable for association with a particular industry, since the industry will be directly impacted by the volatility of the currency.
Uncertain State of Cannabis Legalization
While technically it has been legalized in a number of states all over the US, cannabis is still heavily regulated, and a product that is watched and limited to such an extent, is not a feasible platform for association with cryptocurrency, especially one such as Bitcoin.
Bright Future Despite Hurdles
No matter how rocky the road may be, the future holds promise for the two trail ‘blazers’, so to speak! However, this prospect will be governed by how the proponents, as well as those responsible for legislature, go about the process of mating the two concepts together.
If cryptocurrencies and the cannabis industry were to merge, with one as a payment system and the other as a product, a giant number of people within the United States would get jobs, and generate revenue of their own, which would also aid in the collection of adequate taxes to alleviate a lot of the problems plaguing the American financial climate.
Whether or not this gets implemented at large, remains to be seen.