Will Texas and Arizona make Cryptocurrency Legal Tender?

Can you think about your state or country making cryptocurrency a legal lender? But there are countries like El Salvador which has made cryptocurrency a legal tender. Now Texas and Arizona are trying to make it a legal tender. Will they do it? Here in this blog, we have discussed a few points from the segment of “The Crypto Show”. The contributors were Jon Quast, Chris MacDonald, and Travis Hoium. 

These three contributors have some recent and great news to discuss Texas and Arizona trying to become the big players in the crypto market. So, let us hear it from their point of view:

Jon Quast:

Job Quast says that he has some great news from Texas and Arizona. Greg Abbott, the current Governor of Texas is good pro-Bitcoin mining and he is trying to attract people to Texas for mining. He is offering them power at low cost or promising a lower-cost power. 

There are already power issues in the state of Texas and they are working on it. The Governor is indicating that if there is another issue related to power in Texas, then you need to pull all your stuff offline. The power will always be available for the most important tasks first and then the rest. This is something done for attention-grabbing, Abbott also added that Texas will be the next to lead the entire world. 

Abbott along with Alan West is trying really hard to make Bitcoin a legal tender. Bit it is a bit insane to understand or accept that, one individual state is trying to make it legal tender. El Salvador has done it last year, but that was a country. Even Wendy Rogers, which is the Senator of Arizona has also submitted a bill to make Bitcoin a legal tender in their state. That means Texas is the first one to do so. 

Travis Hoium: 

Here the states are trying to differentiate themselves. Did you see Miami? It was trying to become the center of the crypto, to a space of development. This is the space where many companies have planned to build their world of crypto. Some of them are working on it, while some of them have already started doing it. Now it is the turn of Arizona and Texas that are planning to become the center of cryptocurrency. 

Chris McDonald:

According to Chris McDonald, a couple of weeks ago, Elizabeth Warren was looking for some interesting information. Even some of the regulators were looking for this information. The information includes the mining process of cryptocurrencies, crypto miners, how much energy does cryptocurrency mining consumes, how is this energy consumption affects the energy grid of the country, and information about the regulations on crypto across the world. 

At this point, this bill or proposal by Texas and Arizona is getting very interesting every single. Some politicians are looking at it as a game to gain some votes. But what do you think that the population of Texas and Arizona want? Are they looking for a stable and regular power supply in their state? Or are they more interested to get mining into the country? 

How is this going to help the government? What are the risk factors involved or what are the benefits that the government can enjoy? 

From the regulatory point or from the political point of view, it is surely an interesting point to discuss. But it comes to making cryptocurrency a legal tender, we will have to wait and see. Everybody is waiting to know what the governments of both the states are going to decide. 

But there is other news that states that even the White House is looking to set some policies that will help in making Bitcoin legislation. It is not just for Bitcoin but also for other cryptocurrencies. The enforcement of Bitcoin and other cryptocurrencies will be distributed across different agencies and sectors. 

So, this is all something that we will have to wait to know what will happen. We cannot predict now whether it will become a legal tender or not, as the proposals are still being examined. We will have the results out soon. But if you want to start investing in crypto you need to visit the bitcoin bot crypto exchange.