A new measure in California might make bitcoin legal tender
Dennis Porter, a bitcoin specialist, and political adviser Ian C. Calderon have collaborated on a novel idea that, in their view, may potentially make bitcoin legal money.
Following Arizona and Tonga’s recent news over a likely effort to declare bitcoin legal money, the California measure has the potential to upset the legal tender race once again.
Calderon tweeted on February 19th, “Together, @Dennis Porter_ and I am working on a bipartisan effort to examine #Bitcoin as legal money in the State of California via legislation.” Additional information will be forthcoming.”
Critics are not far behind, as one Twitter user quickly responded that the law does not make #Bitcoin legal tender, but rather includes a clause that may enable individuals to pay taxes in cryptocurrency.
Porter included a link in his tweet that goes to a votervoice petition, an advocacy tool for influencing policy and educating politicians. The petition requesting support and funds is reproduced here in its entirety:
“It is critical for Americans to have money that is shielded against inflation caused by monetary debasement now more than ever. This debasement is an imperceptible levy on Americans levied by an unelected bankers’ board. We do not tolerate unrepresentative taxes. While many of us have opted for Bitcoin as our means of transaction, the federal government does not recognise it as legal cash. This prevents the typical American from successfully utilising Bitcoin as a daily means of trade without incurring capital gains tax.
A moment of crisis may be an opportunity for creativity, yet California’s economy is collapsing. With one of the highest tax rates in the world and an increasing number of communist laws, the state has lost its allure. A persistent brain drain not only expels intellect but also, and more significantly, money. Even the most devoted followers of the California way of life make a shift, saying “goodbye” to Malibu and “hell yes” to Miami. While Miami Mayor Suarez has big ambitions to transform the city into a Bitcoin Mekka, Los Angeles Mayor Eric Garcetti is grappling with hordes of homeless people on the streets and robbed freight trains. Could a drastic shift in policy be the answer?
What if California followed El Salvador’s lead?
Legalizing bitcoin as legal cash is one of the most audacious acts a sovereign could do. While El Salvador is jeopardising international trade agreements, credit ratings, correspondent banking relationships, and much more, it has also garnered unprecedented media interest and hordes of bitcoin tourists. Despite foreign criticism, the president has a high level of support. His willingness to experiment with unusual concepts like “volcano bonds,” “bitcoin city,” and government-level mining is more than a marketing ploy. They might genuinely assist in resolving the country’s predicament.
California has little resemblance to El Salvador. Despite sharing the same shoreline, the GDP is over 12 times greater than that of El Salvador, a developing country. It is, in fact, the biggest in the United States, with a gross state output of $3.0 trillion. Bear in mind that Germany, the world’s fourth-biggest economy, is anticipated to generate a 4.22 trillion dollar GDP in 2022.
If California legalises bitcoin, it will very certainly be the formal start of worldwide government FOMO. Despite socialist policies, California is a technological powerhouse, a thriving economy, a hub of research and education, and a global brand admired as the peak of living quality and wealth by world leaders and governments.
Nothing compares to that. The adoption of bitcoin in California would very certainly launch us into hyperbitcoinization. Additionally, it would be more than a wonderful joke if California took second place in the legal tender races. From the impoverished micronation of El Salvador to the pinnacle of the globe. From Orange County to Orange County. Only Bitcoin has the ability to write history.
What are your thoughts? Is Porter just blowing smoke, or may this law alter the course of history? Leave a comment and help us spread the word by sharing this article.