Governing body of Louisiana gives Bitcoin its nod of approval
Bitcoin has become increasingly popular in recent months, having passed the $60,000 mark. The government of the state of Louisiana recently issued a resolution listing some of the successes of Bitcoin (BTC).
RESOLVED, that the House of Representatives of the Louisiana Legislature hereby commends Satoshi Nakamoto for his contributions to economic security, pursuant to House Resolution No. 33, adopted by Rep. Wright. According to an article in The Hill, the document was signed yesterday.
The call to bitcoin’s anonymous creator, Satoshi Nakamoto, came after the newspaper praised bitcoin for its success in terms of adoption and market capitalization. The first lines of the resolution read as follows:
Praise for bitcoin’s success in becoming the first trillion-dollar decentralized asset, and encouragement to local and regional governments to consider ways to help them make greater use of this new technology.
Bitcoin has reached a market capitalization of over $1 trillion by early 2021. This milestone was reached after assets broke their 2017 record at the end of 2020.
The Louisiana paper describes a number of details about bitcoin, including its distribution, decentralization and use. The resolution even identifies the asset as an alternative to gold. Bitcoin, which could potentially replace gold as a monetary reserve, is limited and finite, and only a maximum capacity of twenty-one million bitcoins is allowed for production, the paper said.
Over the past year, a number of companies have purchased bitcoin as an asset, increasing the attention of the general public.
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