El Salvador made history in September 2021 by becoming the first country in the world to use Bitcoin as legal tender. Now there is a proposal from American politician Wendy Rodgers on the table to make Bitcoin legal tender in Arizona. Given Rogers’ status in the United States, the chances of his plan succeeding are slim, but it’s still interesting.
Criticism of Bitcoin as Legal Tender
Plans to make Bitcoin legal tender have already drawn criticism from several quarters in the United States. According to Rohan Gray, an assistant professor at Williamette University, bitcoin would be unconstitutional as legal tender. The US Constitution states that states have the right to issue their own money.
Rogers believes that making Bitcoin legal tender is in direct contradiction to this provision of the Constitution. It certainly speaks for the fact that with such an introduction of Bitcoin, a state loses control of money. On the other hand, accepting Bitcoin as legal tender is also a free choice. No one is forcing the state of Arizona to actually do this.
controversial politician
However, we should not expect America to adopt Bitcoin as legal tender immediately following the proposal. Rogers has a dubious reputation in the country and is heavily involved with the far right. Rogers would also be part of the group behind the January 6 attack on the US Capitol.
These are the so-called “Oath Keepers”, of which Rogers is an important part. Prosecutors allege that this group, along with the Proud Boys and the Three Percenters, were responsible for the attack on the Capitol.
In that respect, the question arises whether we Bitcoiners should be happy with Rogers’ initiative. In general, she is not one of those politicians who inspires large crowds to do good deeds. In fact, most Americans don’t like it, so this move may evoke negative feelings towards Bitcoin.
El Salvador and the Central African Republic
At the time of writing, Bitcoin is only legal tender in El Salvador and the Central African Republic. Two countries that participate in the margins of the global financial system and that no one on the world stage really takes seriously. On the other hand, we should not forget that Bitcoin has only existed since 2009 and it is good that there are already two countries that have already adopted Bitcoin as legal tender.
After all, there is no company behind Bitcoin, so there is no marketing team trying to increase adoption. The only marketing for Bitcoin comes from people who believe in the project and choose Bitcoin as their main way to save.
The fact that Bitcoin is still relevant after 14 years and continues to grow says a lot about the power of the technology. More and more people see value in the absolute scarcity of bitcoin, which can be sent around the world in 10 minutes.
Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
