The price of Bitcoin has dropped from its peak over the last year by roughly 60%. Though not ultimately, this has lessened the enthusiasm surrounding the Alpha Coin.
Many people still believe that cryptocurrencies will succeed in the future. Sen. Wendy Rogers of Arizona is one of them.
Republican Rogers has proposed legislation allowing state agencies to accept Bitcoin and make it legal tender in Arizona.
If approved, the legislation on Wednesday would make Arizona the first state in the union to accept Bitcoin as legal tender.
Arizona state Sen. Wendy Rogers. Image: KJZZ
Arizona Will Consider Accepting Bitcoin as Legal Cash
The much-awaited bill, SB 1341, has provoked a contentious discussion.
The official date of the discussion has yet to be determined, but authorities will announce it shortly. The bill permits Arizonans to utilize Bitcoin for paying taxes, debts, and other financial obligations. This implies that all ongoing transactions in US dollars (USD) could be conducted in Bitcoin (BTC), granting individuals and businesses full autonomy over their cryptocurrency usage.
J.D. Mesnard and Jeff Weninger, two Republican colleagues of Rogers in the state senate, are co-sponsors of the proposals.
Image: Common Cents Mom
One of the most prominent financial firms in the US, Goldman Sachs, conducted research and found that Bitcoin was “the best-performing asset in the world.”
The bank’s analysis shows that Bitcoin is the most successful investment, with nearly 27% of total returns and a risk-adjusted ratio of 3.1 in its year-to-date evaluation of returns.
Senator From Arizona: Take Two
Rogers has, however, proposed legislation in her state to recognize bitcoin as legal tender twice already.
The senator introduced the same bill in January last year, but other lawmakers opposed it during the second reading.
The possibility of the crypto bill being approved is questionable because the United States Constitution forbids states from creating their legal tender.
It’s interesting to note that Roger’s proposed legislation referenced Bitcoin’s ability to function without interference from central banks.
It is more than Arizona having trouble with its cryptocurrency laws. Legislators from Mississippi and Missouri tried last week to pass laws protecting people’s ability to mine bitcoin, an energy-intensive business New York banned in 2022.
Preston Byrne, a partner at Anderson Kill law firm, claims:
“The Coinage Clause of the United States Constitution means that Congress alone has the authority to decide what is and isn’t legal tender in the United States.”
Byrne pointed out that the senator from Arizona’s proposal would be “primarily symbolic” if it were to pass into law.
BTC total market cap at $443 billion on the daily chart | Chart: TradingView.com
Bitcoin Is About $23,000
With more than $1.5 billion in Bitcoin trading volume, the United States currently leads the globe. About 23 million Americans are cryptocurrency owners. According to a Bankless Times survey, about 16% have traded or invested in cryptocurrencies.
Using Bitcoin as an authorized currency in El Salvador has benefited investment and economic expansion.
Image - Coingecko
As the current market increasingly accepts it, the probability of Congress approving legislation akin to Senator Rogers’ proposal is anticipated to rise. At present, Bitcoin’s price stands at $22,984, reflecting a 10.8% increase over the past week, as reported by Coingecko.
