3 - 4 minute read
Amidst the growing political turmoil and entertainment industry headlines, Bitcoin continues to dominate the Google search trends in the United States and globally. American investors and traders have shown greater interest in the world’s leading cryptocurrency, with Nevada topping the list as the “most Bitcoin-crazy state” in the United States, followed by Miami, California, and Washington, according to Ahrefs data. Donald Trump, however, is still a close second in the United States.
In the last 30 days, there were only two days where Google searches for Donald Trump exceeded Bitcoin, but the latter was still the frontrunner. The reason behind this trend is likely due to government initiatives to promote innovation in the technology sector in Nevada – a state known for its history of gambling.
Lower taxes and fewer regulations have made it easier for bitcoin and other cryptocurrencies to flourish in Nevada. The study also found similar trends in Miami, California, and Washington, with government incentives acting as a magnet for businesses and investors.
DeFi Services Becoming Favorite Of Criminals
These government incentives and a lack of regulations have also led criminals to utilize DeFi services. North Korea and other criminal organizations have been using DeFi services to transact illicit funds, according to a new report by the US Treasury.
Despite the obvious benefits of DeFi platforms, there are considerable risks associated with their use. As Cointelegraph reported, Treasury believes that most money laundering, terror financing, and proliferation financing occurred using fiat currency.
US Government’s Stance on Cryptocurrencies
Any regulation concerning cryptocurrencies must be compatible with the technology to avoid stifling its growth. The DeFi sector has already improved exponentially, and regulatory bodies must evolve with the technology as well. The US Government could set an excellent precedent in this regard by demonstrating its approach to DeFi and its stance on cryptocurrencies.
Bitcoin continues to be the people’s choice when compared to other popular terms, including guns, Chuck Norris, health insurance, and politics. Traders and investors looking for stable investments that provide better returns than traditional assets should seriously consider investing in cryptocurrencies. Government incentives and regulations are essential factors that drive the growth of digital assets. However, it is crucial to balance these regulations with a welcoming environment, one that enables innovation and new technologies to thrive.
Advice for Investors
As an investor, you should keep an eye on the governments’ stance on cryptocurrencies, especially regarding regulations. As discussed above, the DeFi space is gaining prominence among financial criminals. Therefore, traders and investors should take extra precautions with their investments and seek out reliable exchanges with proper security measures in place. Overall, the future of cryptocurrencies looks bright, but it is vital to stay informed and maintain proper risk management strategies.
