As mayor of Knox County, Tennessee, former wrestler Glen Jacob, stage name Kane, is researching Bitcoin and Litecoin to help his municipality.
Since Q4 2020, several high profile mainstream government companies, including Tesla, have invested in cryptocurrency. But congregations doing the same are scarce. Does Jacob’s interest indicate a change in that?
Is Bitcoin the Answer to County Books Balancing?
Artists turned politicians are not a rare occasion. Prominent figures who did so include Ronald Reagan, Arnold Schwarzenegger and Jerry Springer.
Since retiring from WWE, Jacob has announced his intention to run as a Republican for Mayor of Knox County. After his 66% – 34% victory over Democratic opponent Linda Haney, he took office in August 2018.
Jacob argues for more personal responsibility and less government intervention. An example of this was his response to the mask mandate, in which he said that people should have the freedom to decide for themselves. At the same time, he over-proclaimed the terrible government that represents the mandate.
“I am afraid that one-size-fits-all mandates like these set a terrible precedent for going over government, are difficult to enforce, can create conflict between the authorities and the public when enforced, and, as written, this order imposes enforcement responsibilities on private companies. “
He recently tweeted about a meeting where he talked about Bitcoin and Litecoin. In attendance was the project director of the Litecoin Foundation, David Schwartz.
At this stage, it is unknown how, if not, Knox County will use cryptocurrency. Just that Jacob is excited about the future. He also referred to crypto mining in his tweet.
– Glenn Jacobs (@GlennJacobsTN) April 20, 2021
Tennesse made the top five states for Bitcoin mining for its cheap electricity. Mining company Bitmain is also present there.
Miami plans to become a crypto hub
Although it is still the early days for Knox County, Miami, led by Mayor Francis Suarez, has already made plans to become the crypto capital of the world. To achieve this, technology companies, especially blockchain companies, would need to establish themselves there.
Suarez said he is in the process of changing the local regulatory framework to model Wyoming’s crypto-friendly approach to encourage this.
Local officials are also considering giving city workers the option to be paid in Bitcoin and to pay local fees and taxes in cryptocurrency. There is also talk of the city buying Bitcoin as a treasury strategy.
About his motivation for doing this, Suarez said:
“I think Bitcoin mainly offers an opportunity. The cryptocurrency space as a whole is a fast-growing industry and doesn’t really have a ‘home’ as of today. I want to make Miami the “capital of the capital,” and that includes Bitcoin. “
While few municipalities are jumping on the Bitcoin train, Jacob’s interest may indicate growing attention at the local level.
Source: BTCUSD on TradingView.com