Cryptocurrency has provided consumers with an excellent alternative to traditional currencies, and those lucky enough to invest in successful crypto during its infancy will have seen a radical increase in value.
This decentralized currency offers users a string of great benefits compared with traditional fiat currencies. While the dollar is going nowhere, digital assets offer a global way of spending that is unencumbered by borders and exchange rates.
Fast transactions, low fees, and enhanced transparency make it a much sought-after commodity, and New Jersey has embraced it.
New Jersey Mayor Steven Fulop's decision to diversify the state's pension fund by investing in crypto has given it a ringing endorsement. By backing digital assets and blockchain technology, Fulop has created an environment that is ideally placed for crypto growth.
Another way that New Jersey is able to support crypto users is through its thriving gambling industry. New Jersey has one of the most open regulatory frameworks for gambling operators and is one of only six states to allow online casinos to operate within its borders currently.
Bettors are able to access a variety of online casinos that accept traditional payment methods, and cryptocurrencies, and can even facilitate the purchase of crypto to play.
As well as benefitting the gambling industry, crypto has become more accessible than ever before in New Jersey with almost 1,000 crypto ATMs in operation. And, residents are also free to invest in crypto to try and make a profit when its value increases. Of course, Bitcoin and Ethereum are popular among investors, but many are also choosing new coins that have a very low value in the hope of making higher profits when they become better-known. According to Best Crypto Presales, a recent example of a successful presale is the crypto-gaming platform Lucky Block. This saw the price of its native token rise by over 4,000% in under three weeks following its first CEX listing, meaning there’s plenty of opportunity for profit if you invest in the right coin.
Newark currently leads the way with just under 500 ATMs, making it easier for people to invest in leading or developing cryptocurrencies. Bitcoin ATMs that have bidirectional functionality also enable users to sell their crypto for cash, ensuring New Jersey natives can still use crypto indirectly with all retailers.
While crypto use in the U.S. can be a regulatory minefield, New Jersey has moved to create a framework that enables its trade and use. This has helped to provide a reputation as a crypto-friendly state that is welcoming to crypto businesses.
The Virtual Currency and Blockchain Regulation Act moves to ensure businesses planning to engage in blockchain technology or activities involving digital assets must first seek permission from the State of New Jersey Department of Banking and Insurance for a license. This will help to protect consumers and follow in the footsteps of neighbors in New York.
This innovative approach from New Jersey will not only help to protect consumers in a volatile industry, but it will also help it to attract new businesses and increase employment opportunities.
By being one of the first states to embrace cryptocurrencies and blockchain technology, New Jersey has helped to future-proof itself against any dramatic financial shifts and recognized that decentralized currencies hold a valuable position in the market.
It is likely that New Jersey consumers will see growth in businesses that accept cryptocurrencies, including crypto gambling sites, retailers, tech companies, and more.
