THE NEW ECONOMY OF CRYPTO HITS THE BAHAMAS

Deputy Prime Minister Chester Cooper, Tony Blair, former British Prime Minister, Bill Clinton, former U S President and Prime Minister Philip Davis.

So the new craze is crypto. Everyone it seems is talking about it.  What we find fascinating is how the world gets into these crazes and everyone is in a head long rush to cash in.  There are all these fantastic stories about people who have made great wealth off it.

There is a company called FTX and they have made a big splash in The Bahamas by setting up the headquarters here after decamping from one of the developed countries and they are now subject to the  regulatory regime of  The Bahamas.  This promises, it is said, to bring jobs, money and development to the country.

Last week there was big a conference.  Our Prime Minister Philip Davis spoke and was interviewed by the foreign press. This apparently is the first of its kind.  Two of the great former chiefs of the developed world jetted in with their  armed minders to speak at the conference  put on  by FTX.  The venues were sold out.  No Bahamian could get in or afford to get in or so it seemed. 

Tony Blair, former British Prime Minister and Bill Clinton, former US President came and pronounced it all good.  So presumably we are good to go.

What was curious though for us was the response on Facebook, the comments section to all the pictures did not seem among the Bahamian population to be so universally rosy.  In fact it seemed to be the other direction.’

There was the comment  like here we go again, something for foreigners that will not benefit Bahamians.  If this matters, the attitude of the Bahamian people,  then obviously someone had better work on that.

One suspects, that it does not matter. There is money to be made and  it’s going to be made.

One thinks for example of Albany which was touted to be the saviour in its time of Bahamian unemployment,  and to bring substantial sums into the Bahamas’ treasury.  But today the Bahamas’ Treasury is still lacking money and  well Albany has (so the back chat goes) a lot to answer for revenues owed to The Bahamas government.

Just saying. Caveat emptor.