Louisiana governing body approves Bitcoin

Bitcoin has gained increasing adoption in recent months amid an increase of more than $ 60,000. The Louisiana state government recently released a resolution in which it noted some of the performance of Bitcoin (BTC).

“THEREFORE, IT IS DECIDED that the House of Representatives of the Louisiana Legislature hereby commends Satoshi Nakamoto for his contribution to economic security,” said Representative Wright’s House Resolution No. 33. According to an article by The Hill, the document was signed yesterday.

The shout out to anonymous Bitcoin creator Satoshi Nakamoto came after the document patted BTC on the back for its success in terms of adoption and market cap. The first lines of the resolution read:

“To commend Bitcoin for its success in becoming the first trillion dollar decentralized asset and to encourage the state and local governments to consider ways that can help them take advantage of the increased use of this new technology.”

Bitcoin reached a market cap of more than $ 1 trillion in early 2021. The milestone occurred after breaking the 2017 record, which was reached at the end of 2020.

The Louisiana document described a number of details about Bitcoin, including its prevalence, decentralization, and use. The resolution even pointed to the asset as a gold alternative. “Bitcoin, which could potentially replace gold as a cash reserve, is limited and finite, with a maximum capacity of only twenty-one million bitcoins allowed to be produced,” the document said.

In the past year, a number of companies have bought Bitcoin as an asset, which has led to more general attention.