Bitcoin soon to be Legal Tender in the US

TL;DR Breakdown

• Bryan Solstin vows to make Bitcoin legal tender in the US.

• The senate candidate discusses why Bitcoin’s adoption would boost the US economy.

• Crypto adoption getting increased traction in the US.

As the US Senate election draws near in 2022, more candidates are declaring their intentions, with Bitcoin forming part of their prospectus. Bryan Solstin, a Washington state Democrat, has said that if given the mandate, the benchmark crypto would be his main focus. 

Bitcoin the way forward for US economic recovery?

In a recent tweet, the new senate candidate declared that making Bitcoin legal tender would be his mission in the senate. This is because he considers the pioneer cryptocurrency to be “the Great Reset.” This comes shortly after a handful of other countries adopted the asset as legal tender.

https://twitter.com/bryanbsolstin/status/1503761039443349513?s=21

The Great Reset is a term coined by the World Economic Forum (WEF) in June 2020. Its focus was to articulate the need to “revamp all aspects of our societies and economies” following the onset of the COVID-19 pandemic. The plan does not involve cryptocurrencies, but Solstin is determined to present the big bull as a way to resuscitate struggling economies, especially the US economy. 

Solstin has a background in software development, has been a US patent agent, and is an Aerospace Propulsion Engineer. The candidate is also a science, technology, engineering, and mathematics (STEM) enthusiast. His declared intention has already garnered him some support from the crypto community. Crypto influencers like Dennis Porter, the host of the Dennis Porter Show, have called members of the community to rally support for the candidate.

https://twitter.com/Dennis_Porter_/status/1503769640241008640?t=-9kbA2N5iVXYjmuffRS0Ww&s=19

Crypto adoption in the US on the increase

Meanwhile, Solstin has not been the only political candidate to have plans of helping to establish crypto in US governance cycles. Several candidates running for governorship in Texas including Republicans Don Huffines, Allan West, and current governor Greg Abbott have promised to adopt Bitcoin as legal tender. The promises also mention using Bitcoin to strengthen the power grid, as well as making Texas a global crypto hub. 

Bitcoin has become an increasingly important issue to push among incumbent US politicians and the government at large. Wendy Rogers, a state senator in Arizona, has gone ahead to propose a bill to make Bitcoin legal tender in the state. 

The Presidency has also signed an executive order on crypto. The directive mandates several federal agencies to join heads together to formulate a roadmap for US crypto adoption and regulation, as well as the introduction of a digital dollar. As of last year, there were over 35 bills introduced in the US Congress related to crypto, of which Bitcoin is the pioneer.

Similarly, the US became the powerhouse of Bitcoin mining last year. It continues to sustain that position, now hosting 35.40% of the hashrate of the Bitcoin mining network per data from Cambridge Centre for Alternative Finance. 

Several US states including Texas, Nebraska, and Wyoming have been openly inviting evicted Chinese miners over. These states all offer cheap renewable energy as their selling points.