Bitcoin as legal tender – we have become accustomed to this phrase in the context of El Salvador. But what if a similar plan is presented by the United States? It turns out that one has been born in California.
Impetus for the world
The year 2021 was a particularly groundbreaking one for the world of cryptocurrencies and blockchain technology. El Salvador became the world’s first country to introduce Bitcoin as legal tender. In the meantime, there have been many quiet announcements that other countries will follow suit. There is already much talk of a small country in the Oceania region called Tonga showing similar intentions. What’s more, similar voices are also coming from the United States, where the state of California is taking a serious look at the possibilities behind Bitcoin.
As it turns out, political advisors there are working on a bill to make Bitcoin legal tender in the region. The news was tweeted by former California State Assembly leader Ian C. Calderon.
The content of his statement reads:
” @Dennis_Porter_ and I are working on a bipartisan effort to legally explore #Bitcoin as legal tender in the state of California. More to come in the future.”
This publication took place on February 20, and was preceded by a statement from Porter himself, who said:
“The state of California has introduced a bill to make #Bitcoin legal tender.”
It is worth noting here that Dennis Porter is a well-known Bitcoin supporter in the United States, as well as the creator of a podcast called SmartPeopleShit, dealing with both the most popular cryptocurrency and related political threads.
California with a rich background
The above information is delighting the world, making many both supporters and opponents of the project appear. Lawyers see reason to believe that the changes may be unconstitutional, but they are not one hundred percent sure. What is certain, however, is California’s preparedness for such a move.
For it turns out that the state scored 5.72 out of 10 in the cryptocurrency readiness index. It thus took the top spot ahead of New Jersey (5.44), Texas (5.28), Florida (5.03) and New York (4.29).
California also has the highest number of Bitmats in the country, at 2,473 devices. Given that it’s also a very tech-savvy region, and a global benchmark for quality of life, it’s conceivable that the new measures could lead to an outpouring of similar initiatives around the world.
The discussion of the bill comes as bitcoin is scoring a very strong correction from its ATH. So is California already benefiting from this and filling its vault? We will find out soon enough.