Bitcoin Hits Record High of $103,000: What It Means for Hawaii’s Crypto Future

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Written By Blue & Gold NLR Team

 

 

Bitcoin’s price reached a new record of over $103,000 on Thursday, driven by hopes of a cryptocurrency-friendly government. Local advocates believe Hawaii could benefit from this growth, although widespread use will take some time.

Since July, Hawaii has relaxed regulations for cryptocurrency companies, making it easier for businesses to adopt Bitcoin. Drip Studio HNL in Honolulu is one of the few local businesses accepting Bitcoin, becoming a hub for the growing but still unregulated cryptocurrency industry.

Vincent Pohaku, co-owner of Drip Studio, said he likes the ideas behind Bitcoin. The Grassroot Institute, a local think tank, pushed for the state to stop requiring cryptocurrency companies to have a money transmitter license, which was a barrier. They also argued that Bitcoin offers economic freedom since it doesn’t rely on banks, and its limited supply makes it a more stable form of value compared to traditional money.

Joe Kent from the Grassroot Institute added that Bitcoin can help protect against inflation, which has been rising due to government spending. With Bitcoin, the supply is fixed, meaning no more can be printed, giving it potential as a stable store of value.

However, some critics warn that the crypto market is full of fraud, and there’s no protection for investors if they lose money. Bitcoin’s value can also fluctuate wildly based on speculation. Economist Paul Brewbaker argues that crypto is often used for criminal activities.

Despite these concerns, schools and nonprofits are starting to accept cryptocurrency donations, with safeguards to prevent fraud. Mid-Pacific Institute recently allowed a $200,000 donation in Bitcoin, hoping it will make giving more convenient for donors.

While some people buy Bitcoin as an investment, others may cash out to avoid the volatility. Kent advises new investors to be cautious and consult financial experts before diving in. As Bitcoin prices continue to rise, consumers are encouraged to do their research and proceed carefully.

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