Bitcoin seems to be making a comeback. The cryptocurrency has been surging in value lately, in part because of the recent Securities and Exchange Commission approval of Bitcoin exchange traded funds. Along with the resurgence is a growing bitcoin culture in Texas’ capital city.
Tech expert Omar Gallaga joined the Standard to talk about why Austin has become such a hotspot for bitcoin miners, venture capitalists and cryptocurrency fans.
Highlights from this segment:
– Austin saw in influx of many blockchain companies during the pandemic – particularly from California – who were lured by the lack of state income tax in Texas, as well as relatively lower cost of living.
– The Austin scene also includes a lot of venture capitalists and investors from more mainstream companies. South By Southwest crypto panels and the Bitcoin Commons are just a few of the other aspects that lend themselves to the city’s burgeoning crypto culture.
– The approval by regulators of exchange traded funds, or ETFs, helped legitimize bitcoin as an investment and fueled the currency back to record levels.
