I have been an early investor/user/advocate for Bitcoin, Ethereum, and #CryptoAssets. It has been a wild ride, and now we are seeing alternative applications for the "Blockchain". CoinDesk reports:
Confronted with substantial federal funding reductions, Berkeley, California, is turning to crypto tokens as a way to fund services like affordable housing.
Mayor Jesse Arreguin and councilman Ben Bartlett have teamed up with San-Francisco-based investment startup Neighborly to advance an initiative that would divide municipal bonds into micro-bonds and then sell them as tokens in what they call an "Initial Community Offering."
Here in NYC and New York State, we have similar issues to Berkeley, CA as the Developmentally Disabled (NY State OPWDD) and Homeless (NY State Office of Mental Health) populations have a housing shortage. This new type of "Initial Community Offering" bond financing in Berkeley COULD BE a catalyst for additional/new private capital to come into these markets to complement government money and create the "Public Private Partnerships" that Bloomberg Philanthropies and others have been calling for here.
Let's see what happens with this Municipal Bond offering in Berkeley, California but this is outstanding news and I genuinely appreciate the alternative thinking that it took from Neighborly and Berkeley to get this started.