Tim Draper, a venture investor, has commented on the strict US policies towards businesses in the digital currency market.
He believes that the US government is pushing companies to move to other countries with more favorable conditions for the industry.
This is especially concerning with the White House’s proposal of a 30% tax on mining.
Draper believes this will cause developers and investors to flee to other countries, such as Asia, Europe, and the Middle East.
He also mentions that large crypto companies like Gemini and Coinbase may move out of the US. Draper states that New York is losing its lead in blockchain infrastructure development, and that London, Singapore, and Dubai are taking over.
He believes that the capital outflow to other countries will cause unemployment and other economic issues in the US.