Image source: Bitcoin Exchange Guide
You may not have heard about it yet, but history was made a few days ago at the United Nations.
No, we’re not talking about Trump’s rants. Despite the Donald’s skill at dominating the news cycle, years from now, historians and crypto enthusiasts alike will be citing a different leader’s speech as the most significant at the 73rd United Nations General Assembly (UNGA) in New York City.
On September 27th, 2018, Joseph Muscat, the Prime Minister of the Mediterranean island nation of Malta, gave one of the most profound speeches in the history of cryptocurrency, fintech, or even just money as a whole.
For those who don’t know, UNGA is an annual event where every September, world leaders from each country on earth gather to pass resolutions, decide on the UN’s budget and other mundane things, as well as participate in a tradition called the “General Debate”.
There is no actual debating that takes place, however. Instead, presidents, prime ministers, foreign ministers and kings each get to give a speech about a topic of their choice, and how it relates to the UN’s mission of maintaining peace, fostering development and everything else. Most speeches are basically what you’d expect — focusing on climate change, globalization, migration, etc.
Crypto-related comments begin around 14:20.
He went on to described blockchain applications for medicine, government affairs, and more.
Let’s unpack what just happened here:
We wrote last week about how Institutional FOMO is leading investment banks, hedge funds, private equity firms and more to learn everything they can about cryptocurrencies and prepare themselves to buy in as soon as there is more regulatory clarity.
That last part is key. A new asset that makes the kind of gains we saw in 2017 is not something institutional investors are going to just ignore. They may spread FUD or trash talk it in the news, but that is all theatrics…they want to invest in cryptocurrency — period. They just don’t want to unwittingly break the law while doing it.
What this means is that countries that offer clarity about what is allowed and what is not will put investor’s minds at ease, and those jurisdictions will have enormous advantages over ones that don’t.
(In case you’re wondering, we’re located in Canada, which thankfully is one of those open-minded countries when it comes to fintech innovation.)
Those laggard jurisdictions will do what they can to change laws and make themselves more attractive to the crypto community. Maybe it’ll work, maybe it won’t. Just as with the advent of industrialization, globalization, and every other paradigm shift in human affairs, there will be winners and losers.
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When it comes to building your portfolio the smart way, you can either be far-sighted like Joseph Muscat and get started before the rest of the world catches up, or you can be like one of those other unfortunate political leaders…trying to get in on the game when it’s too little, too late.