Latest Bill which Could Make Bitcoin a Legal Tender in California

Dennis Porter, a bitcoin specialist, and Ian C. Calderon, a political consultant, have collaborated on a unique plan to make bitcoin an official legal tender. After Arizona and Tonga made news lately for a likely effort to declare bitcoin legal cash, the California measure might throw the legal tender race into chaos once more. California has presented a law that would make bitcoin legal tender.

On February 19th Calderon tweeted that

“Together, @Dennis_Porter_ and I are working on a bi-partisan effort to legislatively explore #Bitcoin as legal tender in the State of California. More to come”

cryptocurrency legal tender

After this tweet, the critics are not behind, and one of the twitter users quickly responded to it by saying:

”The bill does not make #bitcoin legal tender but would rather be a provision that potentially allows people to pay tax in crypto. This is already a fact in other states and wouldn’t be a big gamechanger at all.”

Bitcoin legal tender

Porter included a link in his tweet that led to a voter voice petition which is an advocacy tool for influencing policy and educating politicians. The complete version of the petition asking for support and funds is reproduced below:

“Now more than ever, it is important for Americans to have money that can be protected from the inflation created through monetary debasement. This debasement is an invisible tax on Americans from an unelected board of bankers. We do not accept taxation without representation. Many of us have chosen Bitcoin as our medium of exchange, but the federal government does not recognize Bitcoin as legal tender. This stops the average American from using Bitcoin effectively as a daily medium of exchange without experiencing capital gains taxes.

Its time for the USA to adopt Bitcoin as legal tender in the USA.

OUR PRE-AMBLE: We the People of the United States, to defend ourselves from debasement, establish freedom, insure domestic productivity, provide for individual defense, promote societal welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do decree and designate Bitcoin as legal tender in the USA.”

In these crises and the decline of California, it is a good time to make efforts and be innovative to come out of this phase. Due to high taxes and socialist regulations, California has lost its charm. The brain drain due to these rising issues is causing the intellectuals to migrate somewhere else to make a better living and lifestyle. Even the people emotionally attached to California are saying goodbye to it and are moving to other states. While Mayor Suarez of Miami has big ambitions to convert Miami into Bitcoin-Mekka, Los Angeles Mayor Eric Garcetti is dealing with street people in the sidewalks and robbed cargo trains.

What if California follows El Salvador’s lead?

One of the most irrational things a government could do is make bitcoin official money. While El Salvador is jeopardizing international trade agreements, credit ratings, correspondent banking, and much more, it has attracted unprecedented media interest and hordes of bitcoin tourists. Despite foreign criticism, the president has a high level of support. Novel notions like “volcano bonds,” “bitcoin city,” and government-level mining are more than simply marketing tricks. They may be able to assist in the country’s recovery.

El Salvador is nothing like California. Despite sharing a coastline, the economy of the United States is about 12 times that of El Salvador, an underdeveloped country. Remember that Germany, the world’s fourth-largest economy, is anticipated to have a GDP of $4.22 trillion in 2022.

If California declares bitcoin legal money, it will almost certainly mark the beginning of worldwide government FOMO. Despite its socialist policies, California is a tech powerhouse, a thriving economy, a hub of research and education, and a global brand that leaders and governments throughout the globe admire as the peak of living quality and wealth.

There is nothing that can compete with that. The adoption of bitcoin in California would very certainly launch us right into hyperbitcoinization. It would also be more than a good joke if California finished second in the legal tender races. From El Salvador, a destitute micronation, to the top of the globe. From the OC to the OG of California. Only Bitcoin could write history.

That’s game over since there’s nothing else to stop it. It would also be quite intriguing if California finished second in the legal tender races. From El Salvador, a destitute micronation, to the top of the globe. Only Bitcoin could write history.

Source : Krcmic.com

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