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 J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     President who projected himself as a pro-crypto candidate, defeated Democratic candidate Kamala Harris Kamala Harris Kamala Harris is a well-known American leader who also served as Attorney General in the past. She is the former (49th) Vice President of the United States. She has been known for her vocal stance on cryptocurrency adoption and has been backed by several crypto leaders like Chris Larsen.   While serving as Vice President, she has reached out to crypto firms such as Coinbase and Circle and lawmakers at the White House to help formulate the policy frameworks for cryptocurrency adoption.   All these developments highlight her firm stance to encourage the growth of cryptocurrency in the nation.   Quick Facts   Full name Kamala Devi Harris Birth 20-10-1964, Oakland, California, United States Nationality American Education BA from Howard University Known for Active Politics   Kamala Harris - Career Highlights & Events   2010 – Elected Attorney General of California   2016 – Became U.S. Senator for California   2020 – Elected 49th VP of the United States of America in the general elections   2022 – Supported digital equity and broadband inclusion initiatives   2024 – Advocated tech innovation and responsible AI/crypto regulation   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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