Bitcoin, the bug is spreading like wildfire across nations and states.
Fiat monies are being inflated, losing purchasing power at a record pace for the industrialized
world.
Luckily Bitcoin has a verifable limited supply, meaning its the first truly scarce asset this
world has ever seen.
Adoption is coming, and things are about to change across the US and the globe.
Are you ready for the change?
Well we will show you the way in ten about ten minutes.
Because it’s time for Chico Crypto!!
Bitcoin has grown up since its inception in 2009.
Satoshi Nakamoto created Bitcoin to unleash the power of the people, and take away the
power from centralized financial institutions.
From the getgo he envisioned Bitcoin becoming a global currency.
Back in 2010, one year after it was launched into this world he chimed in on a thread about
the divisibility of Bitcoin due to growth of the network and demand.
Satoshi said “Eventually at most only 21 million coins for 6.8 billion people in the
world if it really gets huge.”
Only 21 million coins for the 6.8 billion in the world.
And that rings true today, the 21 million Bitcoins…but instead for 6.8 billion people
back in 2010, that number has grown to 7.9 billion today.
The global scarcity of Bitcoin grows with each passing day.
Although, I’m sure Satoshi could have never imagined it would grow to the point where
countries of this globe were adopting it as legal tender and issuing bonds based on it!!
We all know about El Salvador.
Back in September of last year lawmakers in the country voted by a supermajority in favor
of the Bitcoin Law, which allows bitcoin to be used to show prices and pay tax contributions
and this was announced to the world by their president Nayib Bukele.
Now just 7 months later the nation is taking it a step further and issuing country backed
Bitcoin bonds.
March 15th a nation state will be issuing the first Bitcoin Bonds…
The dominoes for Bitcoin’s global takeover are beginning and it’s not only El Salvador
moving on the Bitcoin front.
Just last week news dropped that 3rd most powerful country has the Bitcoin fever.
The Russian government and its central bank agreed to treat Bitcoin as a form of currency
within their borders and the legislation for this will be released this week, on Friday
February 18th.
So the question that remains is who will be next!?
Which will be the next country domino to fall?
Or could it be a state within my home country, the United States??
Well let’s first take a look on a country level?
Well right after El Salvador made it official back in September…another central american
country unveiled a bill to make Bitcoin legal tender within their borders.
That was Panama.
Although the law hasnt’ been passed yet, Panama is the country furthest along in the
race to be the second country to adopt Bitcoin as legal tender.
Because of these moves, the Bitcoin bug is spreading like wildfire through central and
south America.
Besides Panama, there is evidence from government officials that Bitcoin is looking to be adopted
by Mexico, Nicaragua, Venezuela, Brazil and Argentina.
Across the border and down south the Bitcoin adoption wave is strong and I don’t doubt
for a second at least 2 more countries will indeed follow El Salvador’s example and
make Bitcoin legal tender in 2022.
It could possibly be even more…
But what about on American home soil??
Could an actual state adopt Bitcoin on a level never before seen?
Like even making it a legal tender??
Well I’m predicting that this is going to happen as there is evidence some states are
getting the Bitcoin bug.
So let’s go through the top contenders and why they may be planning big Bitcoin moves.
Beginning with the big ole yeehaw state of Texas!!
September 9th, just days after El Salvador legalized Bitcoin for tender, Texas made some
of their own BTC moves.
Texas House Bill 4474 was signed which recognized cryptocurrencies in the states uniform commercial
code.
But that wasn’t it, the same day they also passed House Bill 1576 which established a
blockchain working group in the state.
Texas recognized Bitcoin and cryptocurrencies and is making a state backed blockchain working
group to explore the technologies!
I wonder why?
Well if you didn’t know, Texas is becoming the Bitcoin mining mecah of States.
As of today Texas is marshaling 900 to 1,100 Kilotwatthours to produce Bitcoin.
At the higher number, that's already 7.6% of the world's consumption.
Within two years Texas is expected to reach 3,000 to 5,000 Kilowatt hours which would
put it between 20 to 30 percent of the world's consumption of electricity for mining bitcoin.
Now the leaders of Texas are all in on Bitcoin.
Current governor Greg Abbott has shown his support by of course signing the bills, but
also tweeting that Texas will be the crypto leader.
Currency Texas Senator Ted Cruz has said he is proud the state is becoming a blockchain
oasis, reiterating his support for Bitcoin miners and then last week filing showed he
is buying Bitcoin!!
But what about Bitcoin as legal tender in Texas?
Could that be a coming possibility?
Well a Texas Politicain, Dallas Senator Don Huffins is running for governor.
Going to his campaign page, he talks of Bitcoin and his plans if elected.
Don says “When I am Governor, Texas will lead our nation in Bitcoin by accomplishing
the following policy: Establishing the Bitcoin & Cryptocurrency Policy Commission, which
will be tasked with identifying the utility of currencies that can be recognized as accepted
Texas currency.
This will allow trade to occur with Bitcoin and Declaring Bitcoin as legal tender for
Texas citizens and businesses to transact in.”
Bitcoin legal tender in Texas??
It’s definitely on the agenda for some of the states top politicians….
So what other States are bringing Bitcoin laws within their borders?
Well Wyoming got the state dominoes to begin falling all the way back in 2019.
Senate File 125 was passed by the Wyoming Sentate back in February of 2019 and became
effective the same year in July.
This act established the legal nature of digital assets within existing law, dividing these
assets into three categories of intangible personal property and classifying these assets
within the Uniform Commercial Code of the state.
Well they didn’t stop by just recognizing decentralized assets…this year they went
even further by recognizing decentralized organizations aka DAOs.
Senate File 0038 became effective last July, and the bill created a supplement to the Wyoming
Limited Liability Company Act to provide law controlling the creation and management of
a DAO.
What about the states leaders?
Well Rebulbican Wyoming Senator, Cynthia Lummis is one of Bitcoin and crypto’s biggest supporters,
nicknaming bitcoin in her own words “freedom money”
Money??
Sooo what about Bitcoin as legal Tender in Wyoming?
Well a Bill has been drafted and submitted to get this going.
This bill was submitted by House member Andrew Ocean and it wants to make it legal for residents
to use any cryptocurrency to pay sales and use taxes in the state.
Now both Texas and Wyoming are definite leaders in crypto and bitcoin and their states are
becoming crypto capitals before our eyes.
But neither of them have an official bill submitted to their state legislatures make
Bitcoin legal Tender….
Although there is one state that does.
Arizona!!
Now Arizona becoming a champion of cryptocurrency goes back to 2019 when a ballot initiative
was filed and put forward titled the “Arizona Cryptocurrency as Legal Tender Initiative”...or
the “Legal Tender Act”…and it would have allowed cryptocurrency to be deemed legal
tender as an authorized medium of exchange and for payment of debt and taxes within the
state.
Although this initiative didn’t make it onto the 2020 ballet.
But they are trying again, and this time the bill and initiative is coming from a state
senator, Wendy Rodgers.
This is Arizona State Bill 1341 and it seeks to amend the list of accepted legal tender
to include one asset…as we can see it is Bitcoin, which means the cryptocurrency would
be accepted for the payment of debt, public charges, taxes and other dues.
So my friends, we have Texas, Wyoming, and Arizona pushing for big changes in regards
to cryptocurrency.
But it’s not only these states.
California was the first to bring forward a form of crypto regulation in 2014, with
it’s bill stating digital currencies were legal in transmitting payments and buying
goods.
There is Nevada passing friendly laws, Colorado, New Mexico, Rhode Island, and more There is
no doubt that their new ways of thinking are going to face pushback from the powers that
be.
But remember 2022 is an election year….and this may be the year Bitcoin gets elected
by a state to become legal tender along with another country or two besides El Salvador.
Cheers I’ll see you next time!