Elections have consequences. Understandably, it is seldom easy to accept a high level of uncertainty in the face of highly charged emotions. It is important to question everything, and equally important to keep an open mind. Contrary to the apocalypse some people are predicting with the Trump administration, I am quite optimistic for the fate of cryptocurrency under President Trump. President Trump has not commented publicly on cryptocurrency or Bitcoin, but he did appoint early Bitcoin adopter and South Carolina Congressman Mick Mulvaney as Budget Director.
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There are many in the cryptocurrency community who are skeptical of government in all its form, so it’s not surprising to see many of them battling against the idea that government might have a role to play in the digital currency realm. Many die-hard crypto supporters remain resistant to government regulation, opposed to even reasonable AML/KYC protections, and express hostility toward any partnerships between government bodies and the digital currency industry.
The fact is that government and its massive resources do have a role to play, and it is one that we should welcome. Isn’t it more beneficial to have those resources actively engaged to help protect your wealth, rather that promoting mutual animosity which is counterproductive to both sides? After all, governments exist to protect the rights of their citizens. Fair and well thought out regulation will help protect everyone in the industry, as long as it takes into account our basic rights and does not stifle development.
If we look at the auto industry prior to World War 2, it's apparent that the government contract for a General Purpose Vehicle drove competing automakers to innovate at a faster pace in order to meet specific requirements laid out by the Army. Promises of a large government contract pushed automakers to construct a more rugged, powerful, and lighter General Purpose Vehicle, which later became widely known as the Jeep.
Government investment has also played large roles in the development of other innovative products, such as ARPANET, a predecessor to the internet, and host to the first ever emails. Thanks to bright minds overcoming unthinkable challenges step by step, and well placed government funding, the internet we know today came to fruition.
While involved in computer and software development in the early 1990's, the author of Improve Your Odds – The Four Pillars of Business Success and DNotes cryptocurrency co-founder Alan Yong's company Dauphin Technology, won two large government contracts with the US Department of Treasury and a second contract to supply the Pentagon with laptop computers. This led to the development of Dauphin DTR, a mini handheld computer in competition with Apple Newton, the first generation of Iphone as we know it today.
There will undoubtedly be many contracts for people who specialize in blockchain, as it could be used for anything from securing emails to securing nuclear weapons from cyber attack. If you ever want an opportunity to secure these government contracts, it's best to work with them as opposed to against them, and you had better make sure the people you work with feel the same way.
Being anti government can have serious repercussions which will probably limit your future success. The world will always need rebels to resist tyranny, but there comes a time when you need to put your keyboards, megaphones, and guns away for the sake of working toward a mutually beneficial partnership, and a better future for us all. I am very hopeful that if the cryptocurrency industry is willing to work with President Trump and his administration, we will all prosper.