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Expert Opinion: Crypto Goes Hollywood While Wyoming Moves To Bitcoin And Blockchain

“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro”

Key Highlights:

  • Hollywood shows interest in Cryptos
  • Wyoming introduces a new bill for bitcoin and blockchain
  • The state defines crypto assets the way Swiss Regulator does

Hollywood’s love for cryptos

Well, Hollywood has been successful in picking up real-life trends and portraying them on reel taking it to a wider audience making it more prominent, dramatic and enjoyable. While other themes are being played out on the screens, cryptos too have caught some prominent eyeballs.

At a Bitcoin conference in Miami, Kevin Connolly who plays Eric Murphy in Entourage made a surprise appearance on stage and announced that he’s developing a new show called “Cryptos.” What’s even more interesting is that the producers of the show, Sords, and King, who are both big blockchain advocates, seem to have modeled the plot after their own aspirations to take on Hollywood by using decentralized ledger technologies.  Although these ideas have been taken lightly and currently social media is full of their memes, this kind of show on Netflix or Amazon Prime can do wonders for mainstream awareness of crypto assets and their power to disrupt centralized industries taking it to the common man.

Wyoming moves to cryptos

Even though there are only about half a million people living in Wyoming the square state is quickly becoming a leader of bitcoin and blockchain legislation. Senator(s) Nethercott, Driskill, Perkins, and Rothfuss and Representative(s) Harshman, Lindholm, Loucks, Olsen, and Wilson have put forward a new bill which clarifies the status of bitcoin and other crypto assets in the state. The bill highlights, of course, is that bitcoin and other cryptocurrencies will be given the same legal status as money.  The state has also clarified the definitions of crypto assets, very similar to the way the Swiss regulator Finma has almost exactly a year ago and divided them into three categories: Currencies, Securities, and Digital Assets (Utility Tokens). At this point, though the news is exciting the effects are rather limited.

Wyoming is a small state and it’s still not clear how the federal government will react to this. Certainly, if other states follow in their footsteps this can turn into something bigger but we’re still very much in the early stages of the game. Nevertheless, this small step is a huge win for bitcoin and blockchain as it sets a great example of supportive legislation for the entire country and the entire world.

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