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

Published by
Vignesh S G

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.

A Pro-Crypto Presidency is on the Way

The political stance against the cryptocurrency industry shifted when Republican candidate Donald Trump who projected himself as a pro-crypto candidate, defeated Democratic candidate Kamala Harris 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.

FAQs

What is the Bitcoin Freedom Act?

The Bitcoin Freedom Act allows Oklahomans to choose to receive wages in Bitcoin and enables businesses to accept crypto payments.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

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