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What if bitcoin was legal tender in California?
Many bitcoin proponents are trying to push for the crypto-currency to be considered a legal currency, on par with the dollar.
Last September, El Salvador, a small country of 6.5 million people located in Central America, became the first country in the world to establish bitcoin as a legal currency, alongside the U.S. dollar the country having no national currency. At the time of the decision, bitcoin was valued at about $44,000. A month later, it was worth $61,000, but has since continued to fall and is now trading at around $39,000. A definite volatility that obviously does not worry the promoters of the crypto-currency, who even hope to convince other countries.
Some observers speak of possibilities in Argentina, Panama or Paraguay, for example, but even in the heart of the dollar country, the temptation is great. More and more American states are considering using bitcoin as a means of payment for their taxes. This is for example the case of Colorado and California, the first economy of the United States, also seems tempted. Thus, Sydney Kamlager-Dove, a state senator, has introduced a bill in this direction.
Together, @Dennis_Porter_ and I are working on a bi-partisan effort to legislatively explore #Bitcoin as legal tender in the State of California. More to come. https://t.co/FlcFHRr9B1
- Ian C. Calderon (@IanCalderon) February 20, 2022
A bill that has received the support of many bitcoin "activists" such as Dennis Porter, an influential podcaster, or Ian C. Calderon, a political consultant and former Democratic elected official in California. They encourage citizens to vote in favor of the bill and criticize the treatment of bitcoin in the country while inflation has returned in force in the lives of Californians. According to them, bitcoin should help protect Americans from this inflation, which is a kind of " invisible tax."
Many experts believe that this bill has very little chance of being adopted since, regardless of the popular support it may have, the U.S. Constitution prohibits a state from giving legal tender to anything other than gold or silver. However, the trend that started in Colorado and is now affecting California could also spread to other states. There is talk of possible temptations in Arizona, Texas and Wyoming.