Over the past year, the price of bitcoin has declined by about 60% from its all-time high. This dampened the excitement surrounding the alpha base, but not completely.
There are still many who have faith in the future of cryptocurrency. The state of Arizona is one of them Sen. Wendy Rogers.
Rogers, a Republican, has introduced legislation that would make bitcoin legal currency in Arizona and allow state agencies to accept it.
If Wednesday’s proposed law were to be adopted, Arizona would become the first state in the United States to recognize it bitcoin as a legal form of currency.
The proposals are co-sponsored by Rogers’ Republican colleagues in the state Senate, JD Mesnard and Jeff Weninger.
Arizona state Sen. Wendy Rogers. Image: KJZZ
Arizona To Make Bitcoin Legal Currency
The widely anticipated bill, designated SB 1341, has sparked a heated exchange of views.
It has not yet been decided when the discussion will take place in an official capacity, but a date will be set soon.
The bill allows debts, taxes, and other financial responsibilities to be paid in Arizona with bitcoin.
This would imply that all transactions currently done in US dollars (USD) could be done in BTC, and that people and establishments would be free to use the cryptocurrency as they see fit.
Image: Common Cents Mom
According to research conducted by one of the leading financial institutions in the United States, Goldman Sachs, Bitcoin was “the best asset in the world.”
Bitcoin tops the list, according to the bank’s study, with nearly 27% in total returns and a risk-adjusted ratio of 3.1 in its year-to-date assessment of returns.
Take Two For The Arizona Senator
Meanwhile, this is the second time Rogers has introduced legislation in his state to legalize bitcoin.
In January of last year, the Senator introduced similar legislation that other legislators rejected in the second reading.
Approval of the crypto bill is uncertain, as the US Constitution prohibits individual states from establishing their own legal currency.
Interestingly, Roger’s proposed legislation stated that Bitcoin could operate independently of central bank intervention.
Arizona isn’t the only state battling cryptocurrency laws. Last week, legislators in Mississippi and Missouri attempted to enact legislation protecting citizens’ rights to mine bitcoin, an energy-intensive industry that New York has banned in 2022.
According to Anderson Kill law firm partner Preston Byrne:
“The Establishment Clause of the US Constitution means that the power to determine what is and is not lawful in the United States is the exclusive province of Congress.”
Byrne noted that if the Arizona senator’s plan were to become law, it would be “primarily symbolic.”
BTC total market cap at $443 billion on the daily chart | Chart: TradingView.com
BTC is almost $23,000
Currently, the United States leads the world in Bitcoin trade volume with more than $ 1.5 billion. About 23 million Americans own cryptocurrency. And about 16% have invested in cryptocurrencies or traded them, the Bankless Times study shows.
El Salvador’s use of bitcoin because legal money was beneficial to economic growth and investment.
Image - Coingecko
As bitcoin adoption grows, the likelihood of measures like the one Sen. Rogers offers will only increase in Congress.
As of this writing, bitcoin is trading at $22,984, up 10.8% over the past seven days, data from Coingecko shows.
Featured image at Travelers Worldwide
