U.S. State Gives Bitcoin Nod of Approval

The U.S. State of Louisiana has issued a resolution to compliment bitcoin for its success. The resolution also appreciates the crypto’s pseudonymous creator, Satoshi Nakamoto, for his contribution to economic security. Mark Wrigh have filed the Louisiana House of Representatives resolution called, “Commends Bitcoin and the cryptocurrency industry,” which has been approved by the Speaker of the House. The appreciation for anonymous Bitcoin creator Satoshi Nakamoto appeared after the document patted bitcoin on the back for its progress in terms of adoption and market capitalization. 

Moreover, the resolution continues to outline several characteristics of bitcoin, beginning with its invention in 2008 by the pseudonymous author Satoshi Nakamoto. The resolution stated that the crypto could replace gold as a monetary reserve. Further, the document emphasizes bitcoin’s finite supply, stating that it is entirely decentralized and facilitates secure transactions without a trusted third party requirement. Additionally, it also opined that bitcoin has proven to be a critical tool for businesses and citizens across the globe to protect themselves from currency debasement.

U.S. State Highlights Digital Currency Moxey 

Furthermore, another division of the bill highlights the security of Bitcoin’s PoW (Proof-of-Work) consensus model. The resolution also elucidates another crypto other than bitcoin, Moxey, which it outlines as a proprietary digital currency invented in Louisiana. The website explains that Moxey is a community of thousands of business owners who help each other and are most significantly capable of purchasing and selling amongst each other without consuming cash. Rather, they employ Moxey dollars, their very own community currency. 

However, the new bill was initially flagged on Twitter by @nic_carter. It represented a legislative resolution to compliment Bitcoin for its achievement in becoming the first decentralized trillion-dollar asset. The resolution also intended to assist the state and local governments to evaluate methods that could help them profit from the extended use of this new technology. Moreover, Bitcoin attained a market of over $1 trillion in early 2021. Louisiana’s admiration for bitcoin does not appear as a shock. Further, numerous well-known publicly traded companies published details regarding their bitcoin purchases, and the trend is expected to expand to other companies. While the most recent move appears to be single-handedly managed by Rep. Mark Wright, it describes the first time a government has passed a bill providing credit to Satoshi Nakamoto’s original invention of Bitcoin.