Following in El Salvador's footsteps, an increasing number of American states have been proposing Bitcoin legislation, which could mean anything from investing, regulatory clarity, or self-custody rights for their citizens.
29 states have already proposed Bitcoin legislation, and more are likely to follow suit soon. After more than a decade of dismissal and ridicule from the media and politicians, isn't it interesting to see all that orange on the map.
Interestingly, Bitcoin isn't their only focus.
Digital Assets
Many states didn't make their proposed treasuries Bitcoin only, but rather specified "digital assets", leaving the door open for the recognition, adoption, and purchase of cryptocurrencies other than Bitcoin.
At the end of the day, each jurisdiction will have to make their own decision on this.
Some states, like El Salvador, started by making only Bitcoin legal. If we look to other states like Dubai or Argentina, laws have been passed that make settling contracts in Bitcoin, or any other cryptocurrency, legal.
A Strong Trend
After speaking negatively about Bitcoin and crypto for years, Trump made a U-Turn during his presidential campaign and announced a digital asset reserve for the United States.
Even though they have yet to make official announcements, we have to assume that even more countries, states, and corporations are in the process of accumulating Bitcoin and other cryptocurrencies.
Until next time...
The ultimate question is, how will countries and states be impacted by the adoption of peer-to-peer money?
Some governments are probably expecting to become more powerful by acquiring Bitcoin/crypto. However, the actual adoption of peer-to-peer currencies will gradually chip away at the need for intermediaries like banks and governments.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.
Further Reading
- Will Traditional Nation States Survive As Crypto Adoption Takes Off?
- The Uncertain Future Of Bitcoin in El Salvador and Other Nation States