Prominent politicians and business leaders convened in Fort Worth this week for the 2023 North American Blockchain Summit.
The NABS, held from November 15-17, included prominent keynote speakers such as U.S. presidential candidates, senators, representatives, and crypto and blockchain professionals.
Texas has become a major player in the blockchain and crypto industry, according to Lee Bratcher, president of the Texas Blockchain Council, a leading industry association focused on bitcoin mining in Texas.
Part of the reason for the Lone Star State’s success has been its acceptance of the industry and its willingness to nurture its growth in a manner that is consistent with the state’s low-tax, business-friendly attitude.
While critics argue that the blockchain and crypto industry put unnecessary strain on the state’s energy grid, advocates argue that the industry is creating explosive job growth and opportunities for rural areas.
Texas is already home to several crypto-mining companies, including but not limited to London-based Argo Blockchain and Colorado-based Riot Blockchain, one of the largest crypto-mining companies in the country, as previously reported by The Dallas Express.
“These are rural jobs in counties that are losing employment, and they’re coming in revitalizing those counties,” Bratcher told NBC 5 DFW, in reference to blockchain companies opening business operations in the state’s rural areas.
Despite accelerated growth over the past decade, the blockchain and crypto industry is still viewed as the “Wild West” of finance. With FTX founder Sam Bankman-Fried having recently been convicted on multiple counts of fraud and conspiracy, the industry is still in a fragile state in terms of its reputation.
Still, with enough time and investment, according to Bratcher, Texas is likely to become the premier state in the blockchain and crypto space.
The Dallas Express reached out to the Texas Blockchain Council for comment but did not hear back prior to publication.