As the Mayor of Knox County, Tennessee, former wrestler Glen Jacob, stage name Kane, is researching Bitcoin and Litecoin to help his community.
Several well-known public companies, including Tesla, have invested in cryptocurrency since the fourth quarter of 2020. But the municipalities doing the same are few and far between. Does Jacobs’ interest signal a change?
Is Bitcoin the Answer to Balancing the County Books?
Performers who became politicians are not uncommon. Celebrities who did this were Ronald Reagan, Arnold Schwarzenegger, and Jerry Springer.
Since stepping down from WWE, Jacob has announced his intention to run for Knox County mayor’s office as Republican. After his 66% – 34% victory over the Democratic opponent Linda Haney, he took office in August 2018.
Jacob advocates more personal responsibility and less government intervention. An example of this was his response to the mask mandate, in which he said people should be free to make their own decisions. At the same time it provoked the terrible transgression of government that is the mandate.
“I worry that one-size-fits-all mandates like this set a terrible precedent for government transgressions, are difficult to enforce, can lead to conflict between authorities and the public when enforced, and, as written, that order transfers enforcement responsibility on private companies. “
He recently tweeted about a meeting where he talked about Bitcoin and Litecoin. The project manager of the Litecoin Foundation, David Schwartz, was present.
It is currently unknown how or if Knox County will use the cryptocurrency. Except that Jacob is excited about the future. In his tweet, he also referred to crypto mining.
I had a great meeting with @ DaddyCool1991 and @SatoshiSouth today to talk about #BTC #LTC. With our innovative economy and mining already happening on a massive scale, the future is exciting!
– Glenn Jacobs (@GlennJacobsTN) April 20, 2021
Tennesse made the list of the five best states for bitcoin mining because of its cheap electricity. The mining company Bitmain is also represented there.
Miami plans to become a crypto hub
While it’s early days for Knox County, Miami, under the leadership of Mayor Francis Suarez, has already set out its plans to become the crypto capital of the world. To achieve this, technology companies, especially blockchain companies, would have to set up shop there.
Suarez said he was in the process of changing the local legal framework to model Wyoming’s crypto-friendly approach to encourage this.
Local officials are also considering giving city workers the option of getting paid in Bitcoin and paying local fees and taxes in cryptocurrency. There is also talk of the city buying Bitcoin as a treasury strategy.
Regarding his motivation, Suarez said:
“I think Bitcoin offers an opportunity above all else. The cryptocurrency space as a whole is a rapidly growing industry and to this day has no “home”. I want to make Miami the “Capital of Capital” and that includes Bitcoin. “
While few communities are getting on the bitcoin train, Jacobs’ interest could signal growing attention at the local level.
Source: BTCUSD on TradingView.com