Louisiana lawmakers have adopted a bill praising the creator of Bitcoin as the world’s most popular digital cryptocurrency reached a $1 trillion market cap in mid-April, becoming the fastest asset to reach that goal, taking just 12 years.
The bill, titled “Commends Bitcoin and the cryptocurrency industry,” was presented by the state House of Representatives speaker, Mark Wright, and subsequently passed on Thursday.
“To commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology,” the paper reads.
The document mentioned that the cryptocurrency “could potentially replace gold as a monetary reserve” with its finite capacity of 21 million.
Lawmakers said that Bitcoin’s surge has boosted the cost of other digital currencies, which are becoming more popular as decentralized and direct transactions do not enjoy third party oversight.
The paper stated that the many cryptocurrencies, including local Moxey, launched in Louisiana, “are beneficial to businesses that participate in these transactions or exchanges by providing access to new customers, better access to capital, and new tools for employee bonuses and compensation.”
“The House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security,” the document reads.
Bitcoin showed an unprecedented surge following huge investment from major financial actors over the last months, but recently its price declined, standing at $50,800 amid Biden administration's plans to raise taxes on corporate profits. The digital currency is one of those with a limited supply of a 21 million threshold. To date, nearly 18.6 million have been already mined and specialists believe that the mining could last another 120 years as new blocks become harder to generate.
The advantage of Bitcoin, according to cryptocurrency enthusiasts, is that avoids the disadvantages of centralized currencies, including inflation and financial crises. According to Bitcoin.com, the cryptocurrency’s assumed creator, Satoshi Nakamoto, holds at least 750,000 to 1.1 million Bitcoin, which brought the entity into the top-20 Forbes billionaire list for 2021.