Oklahoma Senator Dusty Deevers has introduced a bill that would allow residents to receive their wages in Bitcoin. The legislation, known as the Bitcoin Freedom Act (SB325), aims to provide the option to use Bitcoin as a payment method.
Background on SB325
Senator Deevers' proposal aims to give employees the freedom to opt into receiving their wages in Bitcoin. According to the bill, businesses would also be able to accept Bitcoin as payment for goods and services. Participation is voluntary, offering both employers and employees the choice to engage in Bitcoin payments. The bill has been filed for consideration during Oklahoma’s 60th legislative session, which will begin on February 3, 2025.
Bitcoin as a Hedge Against Inflation
One of the key arguments behind the bill is Bitcoin's potential to serve as a hedge against inflation. Senator Deevers has expressed concerns about the depreciating value of the U.S. dollar, driven by high inflation rates and excessive government spending. Bitcoin, with a fixed supply of 21 million coins, is seen as resistant to inflationary pressures. In a press release, Deevers stated that 'inflation resulting from wasteful spending and money creation in Washington D.C. is reducing the value of the earnings of Oklahomans.' Bitcoin allows individuals to protect their wealth from the depreciation of traditional currencies, promoting financial choice freedom.
National Leadership and Financial Sovereignty
Senator Deevers has been a vocal critic of the U.S. dollar’s depreciation, citing concerns about government overreach and inflation. Deevers emphasizes Bitcoin’s combination of financial independence and privacy as an attractive option for safeguarding assets from inflation and government control. He also criticized central bank digital currencies (CBDCs), arguing that they enable governments to track, control, and restrict transactions. In contrast, Bitcoin’s censorship-resistant design ensures users retain control over their funds without interference from central authorities.
Senator Deevers’ proposal coincides with the growing acceptance of Bitcoin both in the United States and internationally. Some countries, such as Bhutan and the Czech Republic, are already exploring the integration of Bitcoin into their financial systems. The concept of financial freedom in an unstable economic environment is gaining relevance in Oklahoma and beyond.
