Bitcoin and Satoshi Nakamoto Commended for Contribution to Economic Security

Cryptocurrencies, and in particular Bitcoin, are still a hotly debated topic today despite growing mainstream adoption and its incredible surge in value. Get any group of people together and there are bound to be evangelists and naysayers among them who will keep a lively debate going about the inherent values and evils of a digitised global monetary system.

The same is true for corporations and on a larger scale even countries. On one hand, Tesla has invested billions in Bitcoin, going so far as to accept peer to peer crypto payments for its vehicles, on the other hand, HSBC bank instituted a no digital currency policy for its client’s investment portfolios. While the US and most of Europe are embracing digital tokens as the future of commerce India has been looking to make owning and transacting on the blockchain illegal.

However, one US state has gone a step beyond simply allowing Bitcoin to flourish in their region, they have passed a resolution commending the digital token and its creator for their contribution to society.

 A Round of Applause

State Representative Mark Wright submitted Resolution 33 to the Louisiana House of Representatives, not only was it submitted but it was then enrolled and signed by the Speaker of the House.

The main thrust of the resolution is as follows:

“A resolution to commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology.”

The resolution goes on to commend Bitcoin’s pseudonymous author Satoshi Nakamoto for his work in creating a peer to peer digital which “could potentially replace gold as a monetary reserve” and is.

It goes on to laud the key advantages of Bitcoin, noting that it is:

• A completely decentralised currency framework
• Uses an open-source digital asset trading platform
• Is free from third party costs and control

Then in what must be one of the most powerful and exciting statements ever made about Bitcoin and the impact of cryptocurrency technology on society it goes on to state:

“Not only has Bitcoin proven to be a critical tool for businesses, it has proven to be a critical tool for citizens around the world to protect themselves from currency debasement.”

Whether this is proven to be true of Bitcoin in particular, given its limited stock, only time will tell, however, it is certainly true of the cryptocurrency revolution that it birthed.

 You’ve Got Moxey Kid

Resolution 33 praises Bitcoin’s role in energising new business ventures and technology-driven applications. It specifically mentions one such blockchain-based development, Moxey Money.

The resolution calls it a “digital community currency invented in Louisiana”. The resolution goes on to state that such community currencies “are beneficial to businesses that participate in these transactions or exchanges by providing access to new customers, better access to capital, and new tools for employee bonuses and compensation”.

Moxey came into being when a Louisiana-based network of 14 trade exchanges pivoted to take advantage of this new marketplace phenomenon. The networks internal digital currency was branded Moxey Money and is used in everything from bartering with other service providers to incentivising customer spending to offering bonuses to staff.

For this reason, among many others, the House of Representative has chosen to “commend Satoshi Nakamoto for his contribution to economic security”.