Here’s How Oklahoma’s Bitcoin Freedom Act Could Save You from Inflation

In November 2024, U.S. inflation ticked up from 2.6% to 2.7%, far from the low of 0.1% recorded in May 2020. Inflation had reached a staggering 9.1% in June 2022, heavily impacting the value of the U.S. dollar. For working-class Americans, inflation directly affects their purchasing power and quality of life. However, some states are stepping forward with innovative solutions to counter its effects.

Oklahoma is one such state. Senator Dusty Deevers has introduced the Bitcoin Freedom Act, a bold proposal aiming to protect citizens from inflation by integrating Bitcoin into everyday financial transactions.

Could this act transform how Oklahomans view money and wages? Let’s explore its implications.

What is the Bitcoin Freedom Act? 

The Bitcoin Freedom Act suggests giving Oklahomans the choice to receive their wages in Bitcoin instead of traditional dollars. It also proposes allowing businesses to accept Bitcoin as payment. If passed, the act could make Bitcoin a key player in the state’s economy, offering an alternative to the inflation-prone U.S. dollar.

Inflation Trends: Why Bitcoin Matters

At the beginning of 2024, the U.S. inflation rate was 3.1%, peaking at 3.5% in March before dipping to 2.7% in November. While this decline offers some relief, inflation remains significantly higher than the 1.2% recorded in November 2020.

For many, rising inflation means reduced purchasing power. Unlike traditional currencies, Bitcoin’s fixed supply shields it from devaluation, making it a potential safeguard against inflation’s damaging effects.

Oklahoma’s Leadership in Financial Innovation 

By introducing the Bitcoin Freedom Act, Oklahoma is signaling its intent to lead in financial innovation. This legislation could strengthen the state’s reputation as an innovation-friendly economy, encouraging residents and businesses to explore Bitcoin confidently.

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A Pro-Crypto Presidency is on the Way

The political stance against the cryptocurrency industry shifted when Republican candidate Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President who projected himself as a pro-crypto candidate, defeated Democratic candidate Kamala Harris Kamala Harris Kamala Harris is an American politician attorney, and currently serving as vice president of the United States. She is the first female vice president and the highest-ranking female politician in the U.S. Kamala was Born in Oakland, California, and graduated from Howard University with a degree in political science and economics, and later pursued her law degree from the University of California, Hastings College of the Law. As a politician, she implemented stricter laws, the DREAM Act, and federal legalization of cannabis, healthcare, and taxation reform. Harris secured enough non-binding support from delegates to become the speculative nominee of the Democratic Party. Vice President who represented a crypto-skeptic regime, in the US presidential election. 

In the latest election, the Republican Party received a massive majority in Oklahoma, a US state that has emerged as a stronghold of Republicans, especially since 2011.

The Bitcoin Freedom Act, also known as SB325, is expected to be discussed in the 60th legislative session of the 60th legislature.  Reports say that the session will begin on February 3, 2025. 

In conclusion, the Bitcoin Freedom Act is more than legislation – it is a step toward financial empowerment and innovation. By embracing Bitcoin, Oklahoma is securing its place in the future of finance.

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