Oklahoma State Senator Dusty Deevers introduced a bill allowing residents to receive wages in Bitcoin. The bill aims to offer Bitcoin as an alternative payment method to ensure financial freedom and protect against inflation.
Details of SB325 Bill
Senator Deevers' proposal aims to allow employees the option of receiving their salaries in Bitcoin. Businesses would also be able to accept Bitcoin as payment for goods and services. Participation would be completely voluntary for both employees and employers. The bill will be considered during Oklahoma’s 60th legislative session starting on February 3, 2025.
Bitcoin as a Hedge Against Inflation
One of the key arguments for the bill is Bitcoin's potential as a hedge against inflation. Senator Deevers has expressed concerns over the U.S. dollar's value decreasing due to high inflation and excessive government spending. With a fixed supply of 21 million coins, Bitcoin is viewed as a solution to these issues as it resists inflationary pressures. In a press release, Deevers stated: '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 vocal against the U.S. dollar’s depreciation and is keen for Oklahoma to lead by example in adopting new technologies, including cryptocurrency. He highlights that Bitcoin's decentralized nature provides financial sovereignty and privacy, making it an attractive option for those wishing to protect their wealth from inflation and government control. Deevers also criticized central bank digital currencies (CBDCs), asserting that they enable governments to track and control transactions, compromising financial privacy. In contrast, Bitcoin’s censorship-resistant design ensures users retain control over their money without interference from central authorities.
Senator Deevers’ proposal to introduce Bitcoin as an alternative currency for wages in Oklahoma marks a significant step in developing the digital economy and safeguarding against inflation. With the adoption of Bitcoin, Oklahoma stands to become a leader in financial freedom and innovation.
