Coin Stories Podcast host Natalie Brunell weighs in, arguing that people should recognize the 'the long-term value' of bitcoin.<\/p>\n
Bitcoin is trading around $39,000 after gaining 5% on Wednesday, the same day the Fed raised interest rates.<\/p>\n
The cryptocurrency has gained in two of the past three days.<\/p>\n
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Bitcoin remains down 14% year-to-date.<\/p>\n
U.S. stocks soared after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession.<\/p>\n
This past year, stocks and cryptocurrencies have reacted to moves in monetary policy.<\/p>\n
Cryptocurrencies have become a hot topic in California.<\/p>\n
The state is looking into how to broadly adapt to cryptocurrency and related technologies, following a path laid out by President Biden in March.<\/p>\n
Gov. Gavin Newsom signed an executive order Wednesday for California agencies to move in tandem with the federal government to craft regulations for digital currencies.<\/p>\n
California Governor Gavin Newsom (AP Photo\/Randall Benton)<\/p>\n
\"Too often government lags behind technological advancements, so were getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive,\" Newsom said in a statement.<\/p>\n
The order also pertains to blockchain technology and how to incorporate its use in state operations.<\/p>\n
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Evolving blockchain and cryptocurrency technology \"is potentially an explosive creator of new companies and new jobs and new opportunities,\" said Dee Dee Myers, a senior advisor to Newsom and director of the Governors Office of Business and Economic Development.<\/p>\n
\"So there are a lot of opportunities,\" she said. \"Theres also a lot of unknowns in the industry and so thats another reason we want to engage early.\"<\/p>\n
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Colorado Gov. Jared Polis says his state will begin accepting cryptocurrency for government services later this year.<\/p>\n
The Associated Press contributed to this report.<\/p>\n
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