The post How the Bitcoin Freedom Act Could Shield Oklahomans from Inflation? appeared first on Coinpedia Fintech News
In November 2024, the US inflation rate grew sharply from 2.6% to 2.7%. In May 2020, it was just 0.1%. In June 2022, it touched a peak of 9.1%. This inflation pattern has adversely affected the value of the US dollar. Inflation, thus, is something that determines the quality of life a working-class professional leads. Recent developments indicate that US states are keen to protect people from the threat of inflation.
The Bitcoin Freedom Act introduced in the Oklahoma law-making house by Senator Dusty Deevers is the latest example. How much can this law impact the United States society? Let’s dive into the details! Ready?
What is the Bitcoin Freedom Act?
The act proposes that Oklahomans should be provided a chance to choose whether they want to receive their wages in Bitcoin or not. It also submits that businesses should be allowed to accept payments in Bitcoin.
Why is the Bitcoin Freedom Act Significant?
At the start of 2024, the US inflation rate stood at just 3.1%. In March, it touched a peak of 3.5%. Though in November it came down to 2.7%, it was far higher than the 1.2% inflation recorded in the same month in 2020.
Growing inflation is one of the most serious threats the US economy is facing right now. Rising inflation means falling purchasing power.
Bitcoin can save people from losing their purchasing power to inflation, as its total supply is fixed, and thus is unaffected by the threat of devaluation unlike traditional currencies.
Oklahoma’s Leadership in Financial Innovation
The introduction of the bill is likely to make a serious impact across the United States. The action has lifted the state to the celebrated position of innovation-friendly economies. It may encourage many to enter the world of financial innovation confidently.
The Future of the Bitcoin Freedom Act
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.