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Louisiana state House passes resolution formally praising Bitcoin

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Louisiana’s GOP-controlled state House adopted a resolution this week praising Bitcoin and encouraging state and local governments to utilize the increasingly popular cryptocurrency. 

The resolution, passed by the state House on Wednesday and signed by Speaker Clay Schexnayder (R) on Thursday, formally commends Bitcoin “for its success in becoming the first decentralized trillion dollar asset” and pushes for “state and local governments to consider ways that could help them benefit from the increased use of this new technology.” 

Lawmakers argued in the resolution that Bitcoin “could potentially replace gold as a monetary reserve,” adding that the digital currency has not only benefited businesses, but has also “proven to be a critical tool for citizens around the world to protect themselves from currency debasement.” 

The state House also specifically praised Bitcoin’s pseudonymous founder, Satoshi Nakamoto, “for his contribution to economic security.” 

The praise comes amid a surge in investment and interest in cryptocurrency, which uses peer-to-peer technology that allows businesses and individuals to transfer assets without banks or other centralized oversight.

Last week, digital currency platform Coinbase went public, with shares skyrocketing in early tradingCoinbase in the first quarter of 2021 had 6.1 million users make transactions at least once a month on the platform, up from 2.8 million by the end of 2020. 

The popularity in cryptocurrencies, however, has prompted some concerns of criminal activity, with New York Attorney General Letitia James (D) warning early last month that the state “will not hesitate to take action” against any illegal or unethical trading within the cryptocurrency industry. 

Bitcoin and other digital currencies have also been impacted by concerns around President Biden’s proposed capital-gains tax increase for wealthy Americans. 

On Friday, Bitcoin and other cryptocurrencies plunged amid a bout of selling prompted by concerns on the tax, with Bitcoin down by about 7.3 percent at $49,730 by midday, according to CNBC.

Tags Bitcoin Capital gains tax CNBC Coinbase Cryptocurrency Joe Biden Letitia James Louisiana New York Wealth tax

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