On January 8th, Oklahoma senator Dusty Deevers presented a bill that will Bitcoin to be paid as a salary in transactions.
The bill presented by the Republican Senator aims to incorporate Bitcoin into Oklahoma’s economy.
The move comes at a time when the incoming US government has already taken a pro-crypto stance, making many government officials take steps that are in favor of the crypto sector.
What Will The Bill Include?
According to the Senator, the Bitcoin Freedom Act (SB325) aims to provide state employees and merchants with the choice to transact with Bitcoin as an alternative to the depreciating U.S. dollar.
“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments,” Deevers said.
He adds, “As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”
Oklahoma To Use Bitcoin As an Inflation Hedge
According to the official reports, Oklahoma’s new step comes as decentralized cryptocurrency with a fixed supply have become popular in financial markets.
This gives the region the privilege to use Bitcoin as an inflation hedge. Bitcoin is a viable alternative for wealth preservation in contrast to traditional currencies, which are susceptible to monetary policy devaluation, as the US dollar has demonstrated in recent years.
By guaranteeing that participation is completely voluntary and upholding free-market principles, SB325 gives businesses, employers, and employees the freedom to select the payment methods that best suit their needs.
USA Sees Rise in Pro-Crypto Stance
The incoming president Donald Trump’s aim of making America a crypto hub has given the overall industry a boost. Not only did the US 2024 election result make Bitcoin hit all time highs, it also made those in power take steps that are in favor of the crypto realm.
In the same tone, Dennis Porter, co-founder and CEO of Satoshi Action Fund, disclosed that at least 13 states in the US are presently drafting “Strategic Bitcoin Reserve” legislation, marking a dramatic shift in cryptocurrency policy across the United States.
The efforts at the state level come after a national discussion regarding Bitcoin reserves.
These initiatives follow Donald Trump’s idea of having a national Bitcoin reserve in order to solve the rising debt crisis in the US.
In July, Donald Trump declared at the Bitcoin 2024 conference that he would create a “strategic national bitcoin reserve” and that the market value of Bitcoin might reach that of gold, which is valued at $16 trillion.
The move even made various other nations across the globe jump on Bitcoin asset reserve bandwagon, in order to stay in tandem with their global peers.
Also Read: Dutch Financial Expert Proposes National Bitcoin Reserve To Secure Economic Future