As it stands, crypto’s entire market cap is $1.14 trillion - that’s a lot of value, and way off its peak of an estimated $3 trillion, so various countries are

vying to become crypto hubs including the UK, Hong Kong, France and Canada among others. China has even introduced its own digital yuan in a bid to create the first central bank digital currency.


The debt-ceiling crisis has also turned a lot of investors to look at alternative assets if the US were ever to default on its debt. That’s a very unlikely scenario given it’s the world’s biggest economy, but the latest drama has spiked interest in crypto in the last few weeks.

President Biden had wanted to impose a 30% tax on crypto miners for their electricity use, but that appears to be off the table now in the debt-ceiling deal. Crypto miners beware: it wouldn’t be surprising to see the talk of a tax revived again in the future.