Arizona State Senator Wendy Rogers on Wednesday introduced a set of bills that seek to make bitcoin legal tender in Arizona and allow state agencies to accept bitcoin.
If passed, bitcoin will be recognized as a legal form of currency in the state, allowing for it to be used in all transactions with the state government, businesses, and individuals as one would with the US dollar.
Observers may say that the bill is ill-timed, considering the downturn that bitcoin has suffered through in the last year, with its value dropping about 60% from its peak. But, as Rogers points out in her tweet, typically crypto-averse Goldman Sachs recently said that bitcoin has been outperforming all other assets since the year started. Bitcoin is up over 38% year to date.
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This is Rogers’ second attempt to introduce a legal tender bill for bitcoin. The first bill, submitted in 2022, did not make it past the second reading. But if Rogers is able to get unanimous support from Arizona’s Republican-dominated Senate and House of Representatives, the bitcoin bills could actually pass.
The bill follows in the footsteps of El Salvador, where bitcoin became the legal tender in September 2021. Its President Nayib Bukele has continued to staunchly advocate bitcoin even though the price decline has lost his country’s already strained coffers at least $60 million.
Bukele’s goal is to position the Central American nation as the world’s center not just for bitcoin but for all cryptocurrencies. The government recently passed legislation that establishes a legal framework for all digital assets other than bitcoin.
Back in the US, interest in bitcoin is growing among lawmakers. Missouri and Mississippi are seeking to protect rights to mine bitcoin after New York banned it in November, while New Hampshire is exploring a statewide bitcoin mining energy plan.
Information for this briefing was found via Twitter, Bitcoin Magazine, MarketWatch, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
