The Crypto Summit at the White House is leading to some interesting ideas.
We are, naturally, seeing an extension of what was previously discussed. Trump promised to sign stablecoin legislation before August. Of course, for that to happen, Congress has to pass a bill first.
Then we have the prospect of funding the new Crypto Strategic Reserve. So far, the only thing that can go in there is Bitcoin the government already has through seizure.
Some members of Congress as hopping on board with the idea. This is something that can be set in motion soon.
There were, however, some surprises.
FIFA Coin Coming
One came from, Gianni Infantino president of FIFA. He announced the intention to launch "Fifa Coin".
This is something that I discussed in the past. Crypto is going to be everywhere. In this situation, there is a little bit of crypto-euphoria. Infantino admitted he doesnt know much about this.
He does, nevertheless, recognize opportunity.
...announced that his organization is seeking to partner with crypto firms to launch a cryptocurrency dubbed “FIFA coin,” that takes advantage of the organization’s strong global brand, a $170 billion soccer industry, and the sport’s 5 billion fans.
That said, he is looking to establish a base within the United States for this. It could come in the form of a partnership with American crypto firms.
“FIFA is very interested under my presidency, to develop FIFA coin, and to do it from here, from America.” He then invited summit attendees to help FIFA with the project. “I’m not an expert at all,” Infantino said. “If there is anyone here who is interested, team up with FIFA, here we are in the United States of America, and we will conquer the world of soccer with FIFA coin.”
What we are seeing is the beginning of a trend. If we see regulation starting to establish a playing field where firms can get involved, this will set off something that spreads like whildfire.
My guess is we see a lot of stablecoins rolling out as that appears to be some of the first legislation that will pass. Companies will not be able to resist getting involved.
Crypto Will Be The Norm
Things are moving fast. Within 2 years, crypto will be the norm. There was already a great deal of development.
We are riding on top of AI. This is going to expand the industry a great deal. The combination of AI along with major corporations getting involved means we are dealing with huge growth potential.
FIFA is just one organization. Just think of all the entities that are involved with football (soccer). There are hundreds which can follow a similar model.
These will be social coins. These are ways for community to show their support. An assortment of applications and services can be built around this. Here is where we are capturing another layer. Instead of just looking at debt (bonds) and equity (stocks), we are able to tokenize the social interaction.
Over the next few years, we will see a great deal of innovation. At this point, we really have no started much in the way of experimentation and innovation.
If things continue at the present pace, we are going to see an acceleration. This will have profound impacts on the crypto industry.