‘Make Bitcoin Legal Tender’ Momentum Builds

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It’s been a hell of a week for the “Make Bitcoin Legal Tender” movement across North America.

The following is a direct excerpt from Marty’s Bent #1153: “‘Make Bitcoin Legal Tender’ momentum is building.” Sign up for the newsletter here.

It’s been a hell of a week for the Make Bitcoin Legal Tender movement across North America. Late last week, the state of Arizona received a bill that would make Bitcoin legal tender in the state if passed.

via Arizona State

Earlier today, Aly Hamam, the co-founder of the Tahinis restaurant chain in Canada, gave an impassioned speech to the House of Commons Finance Committee to suggest that bitcoin should be legal tender in Canada.

Both of these efforts are unlikely to achieve their short-term goals. Arizona’s bill will likely fail because it is technically unconstitutional for a state to do anything outside of the US dollar or legal tender precious metals. If your Uncle Marty remembers correctly, Wyoming wanted bitcoin to be legal tender but had to back out of such a proposal due to the constitutional issues described above. It will be interesting to see if the State of Arizona moves the bill forward and enacts it. We would find out very quickly how scared the federal government is of Bitcoin and states asserting their autonomy.

In the case of Canada, it doesn’t seem very likely that the Canadian government will be too keen to deviate from its path of senseless money printing and granular control over Canadian citizens, which is best exercised through the monetary system. . However, I really like how Aly presents Bitcoin as a solid monetary technology that can grow alongside the Canadian dollar and help bring Canada further into the digital age.

While these actions do not directly make bitcoin legal tender in Arizona or Canada in the near term, they serve as a very strong signal to the US and Canadian federal governments that many people would like to see bitcoin designated as legal tender. and, more importantly, as an essential ingredient for companies wishing to enter the digital age. It may not seem like a lot, but it goes a long way. Especially when it comes to getting those hoping to be elected to start pandering to bitcoiners, which is a very wealthy and rapidly growing sector of voting bases in the United States and Canada.

We see this across the United States with states like Wyoming, Texas, Arizona, Kentucky, North Dakota, Michigan, Arkansas and many more openly trying to woo bitcoiners with tax relief and supportive regulatory environments. Expect this competition to intensify as more individuals express their desire to own and use bitcoin as a human right. Many don’t realize it yet, but these efforts seem quite effective and should be accelerated. Ultimately, politicians are placed by the people who voted for them and voters can use their voice to push politicians in a certain direction. Thai citizens proved it earlier today.

via the Financial Times

If enough individuals exert enough pressure on politicians, it looks like we can create a strong protective blanket for Bitcoin as it matures on the verge of rendering government regulations ineffective due to its robustness.

Keep moving forward. Eventually Bitcoin will be recognized as legal tender globally and from there we can do even more to reduce the central checkpoints that are exploited by those in power to mess things up for the common man. .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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