Bitcoin expert Dennis Porter and political advisor Ian C. Calderon have collaboratively drafted a new proposal that could possibly make bitcoin official legal tender by their own opinion.
After Arizona and the Island of Tonga have recently hit the headlines with a possible move to make bitcoin legal tender, the California bill could disrupt the legal tender race once again.
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”
Critics aren’t far and a Twitter user replied promptly that the bill does not make #Bitcoin legal tender but would rather just be a provision that potentially allows people to pay tax in crypto.
This is already fact in other states and wouldn’t be a big gamechanger at all.
A comment on twitter revealed:
Don’t trust, verify. You can read the legislation here.
Porter added a link to his tweet which redirects to a petition hosted on votervoice, an advocacy tool to influence policies and educate lawmakers. The petition seeking to raise support and donations is printed in its unabridged form below:
“Now more than ever, it is important for Americans to have money that can be protected from 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, in order 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.”
Crisis can be a good time to be creative and California is on a steep decline. Having one of the highest tax rates and a growing number of socialist regulations the state has lost it’s attractiveness. An ongoing braindrain not just makes talent move out but more importantly money. Even the most attached to the Cali-lifestyle make a move and say “good bye” to Malibu and “hell yeah” to Miami. While Miami Mayor Suarez has bold plans to turn Miami into Bitcoin-Mekka, Eric Garcetti Mayor of Los Angeles, is struggling with heaps of hobos in the streets and looted cargo trains. Could a harsh change in policies be the solution?
Related reading : IMF warns Central African Republic against Bitcoin Legal Tender Adoption
What if California would follow El Salvador
Legalizing bitcoin as legal tender is one of the wildest things a state could possibly do. While El Salvador is risking international trade deals, ratings, correspondent banking and much more, it also has gained unimaginable media attention and hoards of bitcoin tourists. The president still enjoys high popularity despite international criticism. His openness novel ideas like “volcano bonds”, “bitcoin city” and government level mining are more than just marketing stunts. They could actually help getting the country out of crisis.
California is no comparison to El Salvador. Despite having the same coast to surf, the economy is almost 12 times larger than the one of the developing nation El Salvador. It is in fact the largest in the United States, with a $3.0 trillion gross state product. Remember, Germany the fourth largest GPD in the world is expected to turn a 4.22 Trillion GDP in 2022.
If California makes bitcoin legal tender it would probably be the official start for global government FOMO. Despite the socialist policies, California is still a tech powerhouse, a bustling economy, a center of innovation and education and a worldwide brand that enjoys admiration as the pinnacle for life quality and prosperity by leaders and nations around the world.
There is nothing to top it. Bitcoin adoption in California would most likely catapult us straight into hyperbitcoinization. It would also be more than a great joke if California would score the second podium on the legal tender races. From the poor micro nation El Salvador right to the top of the world. From OC California to OG California. History that only Bitcoin could write.
What is your opinion, is Porter just producing hot air or could this bill change the course of history? Leave your comment and help us by sharing this story.
