A new bill, known as the Bitcoin Freedom Act, has been proposed in Oklahoma, allowing residents to receive wages in Bitcoin. The legislation aims to give individuals and businesses the option to use Bitcoin as a payment method.
Background on SB325
Senator Dusty Deevers has introduced a bill aimed at allowing employees to opt into receiving wages in Bitcoin. The legislation stipulates that businesses can also accept Bitcoin as payment for goods and services. Participation is voluntary, offering both employers and employees the choice regarding Bitcoin payments. The bill is set to be considered during Oklahoma's 60th legislative session beginning on February 3, 2025.
Bitcoin as a Hedge Against Inflation
One of the main arguments for the bill is Bitcoin's potential as a hedge against inflation. Senator Deevers has expressed concerns over the declining value of the U.S. dollar amid high inflation and government overspending. Bitcoin, with its capped supply of 21 million coins, is seen as a solution to these issues as it is resistant to inflationary pressures. Deevers emphasized that "inflation resulting from wasteful spending and money creation in Washington D.C. is reducing the value of the earnings of Oklahomans." Being decentralized and deflationary, Bitcoin allows individuals to protect their wealth from the depreciation of traditional currencies.
National Leadership and Financial Sovereignty
Senator Deevers has been an outspoken critic of the devaluation of the U.S. dollar, voicing concerns over government overreach and inflation. He desires for Oklahoma to be a leading example in embracing new technologies, including cryptocurrency. Deevers highlighted that Bitcoin's decentralized nature allows for financial sovereignty and privacy, making it attractive for protecting assets from inflation and governmental control. Criticizing central bank digital currencies (CBDCs), he argued that they enable governments to track, control, and restrict transactions, compromising financial privacy. Conversely, Bitcoin's censorship-resistant design ensures users retain control over their money without interference from central authorities.
Senator Deevers' Bitcoin proposal arises amidst growing acceptance of cryptocurrency both within the United States and globally. Countries like Bhutan and the Czech Republic are already exploring integrating Bitcoin into their financial systems. With support for Bitcoin from President-elect Donald Trump, broader acceptance of cryptocurrency in mainstream financial circles is increasing.
