Governments are the world, at least those that are not trying to suppress the latest and greatest innovations, are making the error of subsidizing blockchain projects, under the mistaken impression that this causes them to be wonderful. On the contrary. Companies that receive subsidies lose the passion to innovate and improve. Government tries to pick winners but it can be the kiss of death.
What’s fascinating today about American political culture, however, is slightly different. There are attempts on the left and right to turn back the clock before the development of crypto, by forcing tech companies into a compliance dance that threatens their ability even to function.
I spoke about these subjects and more on Boom Bust, in studio, in Washington, D.C.