Chapter 36Is US Environmental Tax Policy Hindering Solar Power to Fuel Digital Technologies?
The United States—both the government and private industry—is at the forefront of blockchain and artificial intelligence (AI) technology adoption. And Bitcoin's volatility recovery is fueling this process.
According to reports, US government spending on blockchain is expected to increase by 1,000% between 2017 and 2022, while US investors are expected to increasingly invest in digital assets to add diversity to their investment portfolios and resume cryptocurrency mining as it once again becomes profitable.1
Blockchain Transformation
The announcement by Facebook (Meta)—with 2.7 billion users—that it will be issuing cryptocurrency monetizing tools2 to compete with China's blockchain‐based mobile payment system—with 1.5 billion users—has put pressure on the largest US financial institutions for a quick blockchain transformation. Already, JPMorgan Chase has announced that it will be issuing a utility settlement cryptocurrency (USC) coin called JPM Coin. BNY Mellon, Nasdaq, and State Street Bank, on the other hand, are backing the development of USCs denominated in five major fiat currencies: the US dollar, the Canadian dollar, the British pound, the Japanese yen, and the euro.
Blockchain applications are not limited to fintech and are being adopted across various industries in the United States. For example, the shipping‐focused blockchain TradeLens, developed by IBM and Maersk, recruited ...
Get Sustainably Investing in Digital Assets Globally now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
