The bill would allow employees and vendors to make transactions using Bitcoin as an alternative currency to the U.S. Dollar, which has been weakened by inflation.
“Inflation is continuing to erode Oklahomans’ purchasing power. Bitcoin is a unique way to protect earnings and investments, said Deevers on Wednesday.
Bill Proposes Statewide Adoption for Bitcoin Transactions
The bill aims to allow Bitcoin transactions between state agencies, private companies, and personal deals, while adhering to existing financial regulations.
Deevers sees the bill as an engine for economic growth and innovation in Oklahoma.
He emphasized Bitcoin’s fixed supply and decentralized design as defenses against “reckless federal spending and money-printing.”
Deevers tweeted: “This initiative can make Oklahoma a leader in the adoption of financial technology and reduce inflation.”
Deevers drew parallels between national trends and the pro-Bitcoin position of former President Trump, as well as his support for crypto-friendly policies such appointing Bitcoin supporters like Paul Atkins into regulatory positions.
He said: “There’s a reason why President Trump has been a pro Bitcoin candidate for so long and spoken at Bitcoin events of note.”
“Bitcoin is now a part of mainstream economy. It’s a major factor in the future of finance.”
Oklahoma adopted cryptocurrency in the past with the Bitcoin Rights Bill, HB3594. This bill was passed last year and protects residents’ rights to use Bitcoin for legal transactions.
The Bitcoin Freedom Act builds upon these efforts and aims to further cement the position of the state in the changing financial landscape.
Oklahoma’s 60th Legislative Session, which begins February 3, will be the first time that this bill will be discussed.
US States Are Considering Adding Bitcoin to Reserves
After the introduction of a bill by House Republican Leader Derek Merrin, Ohio has became the latest US state that is considering adding Bitcoin to its Treasury Reserves.
This initiative is similar to recent efforts by Texas and Pennsylvania in establishing Bitcoin reserves.
In December, Texas Representative Giovanni Capriglione presented the Texas Strategic Bitcoin Reserve Act. This act proposes that the state comptroller holds Bitcoin as a reserves asset for at minimum five years.
Pennsylvania made a similar move in November. Representative Mike Cabell proposed a bill that would allow the state’s treasury up to 10% in Bitcoin to be allocated to its balance sheet, citing Bitcoin as a potential hedge against economic uncertainties.
Additionally, corporate Bitcoin investors like MicroStrategy (formerly Metaplanet) and MicroStrategy have increased their Bitcoin holdings.
MARA Holdings has announced that it also purchased 11,774 BTC as part of its latest acquisition. The company made the announcement on X, Dec. 10,
Riot Platforms , a Bitcoin-mining company, , announced plans to raise $500,000,000 via a private bond issue to further bolster its Bitcoin reserve.
Alex Thorn, Galaxy Digital’s director of research, said that the United States government will not be purchasing Bitcoin by 2025.
Thorn, in a report released on December 27, predicted that the government would focus more on managing its current Bitcoin stockpile than on acquiring any new Bitcoins.
