Can Crypto Power Economy? Group Behind Calexit Studies Impact Of Crypto On California Economy

The crypto space is looking with fear at the crypto market and the fall of Bitcoin, hoping that the king coin will not go below $10k.

At the moment of writing this article, BTC is trading in the red, and the coin is priced at $10,309.68.

It’s been revealed that the group that’s making massive efforts to separate California from the US is now looking at the ways in which cryptos could impact the state if it was to be an independent nation.

Yes, California is the campaign faction that is pushing for the so-called Calexit.

They have hired crypto supporter and Ziyen Energy head Alastair Caithness to study how cryptos could be used to help manage California’s assets and provide a multitude of basic services.

The Daily Express reveals, “The policy will involve developing a blockchain-backed cryptocurrency, which democratizes ownership of the California Government’s land, resources and assets through tokenization into a usable currency.”

The publication continues and notes that “It is the intention for it to be used to finance a level of free healthcare, free education, and a form of basic income for all California citizens who have struggled to achieve economic liberty under the current US Federal Government system.”

It’s also important to note the fact that California is the fifth-largest economy in the world, with a diverse population of 40 million people.

Most voters don’t want such independence

The online publication the Daily Hodl notes that according to a poll from back in 2017, most voters in the state don’t want to take the big leap of independence.

According to the survey, 68% of voters would rather remain in the US and 32% favor the idea mentioned above.

BBC noted that social media accounts tied to Russia pushed for Calexit during the last presidential election.

“There are also indications that the election night #Calexit trend – the hashtag was mentioned 100,000 times in the course of a few hours – was artificially driven by automated bots or fake accounts.”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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