Bitcoin Turns Up The Heat In Icy Alaska

Bitcoin Turns Up The Heat In Icy Alaska

 

As bitcoin continues to grow in popularity, we seem to see it popping up everywhere, even in places that we least expect. Places like the rugged and mostly untamed state of Alaska, not exactly a crypto metropolis on the surface.
Even though it is gaining widespread interest in the state, regulators in Alaska are still warning potential and existing crypto adopters about the perceived dangers associated with the industry.
Kevin Anselm, director of Alaska’s Division of Banking and Securities, issued a warning after receiving information that citizens were being contacted to participate in and contribute to ICOs.He had this to say:
“We’re seeing a number of people contacted by sellers of virtual currencies or sellers that want people to get in on initial coin offerings, including virtual currencies.”
The organization has warned would-be investors to thoroughly investigate anything involving crypto assets in order to be fully educated as to what they are contributing to. Anselm added:
Bitcoin Turns Up The Heat In Icy Alaska
“We just want people to know these aren’t a typical investment.”
This hasn’t dampened crypto appeal in the state though. Overstock, a major e-commerce company that accepts crypto payments, said that Alaska makes the most purchases in crypto compared to any other state in the US.
Idaho’s Department of Finance has also cautioned its population on using digital currencies because of its high volatility and unpredictable market. Gavin Gee, director of the department, had this to say:
“Investors should go beyond the headlines and hype to understand the risks associated with investments incryptocurrenciesas well as cryptocurrency futures contracts and other financial products where these virtual currencies are linked in some way to the underlying investment.”
Jim Burns, who is the chief of Idaho’s Securities Bureaudid have something positive to say though:
“I think the technology is very exciting and it’s going to have a lot of uses across a lot of industries.”
However, he did voice his doubts as to whether crypto would be adopted as a common medium of exchange:
“Now as to virtual currencies and stores of value, I’m a little more suspicious relative to that because we are not seeing the adoption for everyday uses, like at the grocery store. People do accept it, but until you get very, very broad acceptance you’re not going to see it used as a currency very regularly.”
Digital currencies may not be currently used to buy a loaf of bread at your local store, but being so popular in unexpected states such as Alaska and Idaho could mean mainstream adoption isn’t that far off.

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