The post How the Bitcoin Freedom Act Could Shield Oklahomans from Inflation? appeared on BitcoinEthereumNews.com.

In November 2024, the US inflation rate grew sharply from 2.6% to 2.7%. In May 2020, it was just 0.1%. In June 2022, it touched a peak of 9.1%. This inflation pattern has adversely affected the value of the US dollar. Inflation, thus, is something that determines the quality of life a working-class professional leads. Recent developments indicate that US states are keen to protect people from the threat of inflation. The Bitcoin Freedom Act introduced in the Oklahoma law-making house by Senator Dusty Deevers is the latest example. How much can this law impact the United States society? Let’s dive into the details! Ready?  What is the Bitcoin Freedom Act?  The act proposes that Oklahomans should be provided a chance to choose whether they want to receive their wages in Bitcoin or not. It also submits that businesses should be allowed to accept payments in Bitcoin. Why is the Bitcoin Freedom Act Significant? At the start of 2024, the US inflation rate stood at just 3.1%. In March, it touched a peak of 3.5%. Though in November it came down to 2.7%, it was far higher than the 1.2% inflation recorded in the same month in 2020.  Growing inflation is one of the most serious threats the US economy is facing right now. Rising inflation means falling purchasing power.  Bitcoin can save people from losing their purchasing power to inflation, as its total supply is fixed, and thus is unaffected by the threat of devaluation unlike traditional currencies.  Oklahoma’s Leadership in Financial Innovation  The introduction of the bill is likely to make a serious impact across the United States. The action has lifted the state to the celebrated position of innovation-friendly economies. It may encourage many to enter the world of financial innovation confidently. The Future of the Bitcoin…

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Filed under: News - @ January 9, 2025 6:22 am