Don Huffines, former state senator and current Republican candidate for governor of Texas, has promised to make Bitcoin legal tender in the state if he is elected. Part of Huffines’ campaign platform is to turn Texas into a Bitcoin and cryptocurrency hub by allowing these monetary technologies to operate in Texas without much government interference.
“I’ve had Bitcoin for a long time and am a firm believer in its worth as an asset and currency potential. Texas, as a leader in innovation, must set the standard for Bitcoin policy and cryptocurrency acceptance across the country. I’m dedicated to making Texas the Bitcoin capital and safeguarding the business from federal regulation,” Huffines declared.
According to a report by Baisakhi Mishra at Tech Story, Huffines is “dedicated to making Texas the citadel for bitcoin” and has crafted a tentative plan to put the state on the map as a bastion for cryptocurrency activity.
“As a pioneer in innovation, Texas must lead the nation in Bitcoin and cryptocurrency adoption,”the former Texas State Senator declared. “We can legitimize Bitcoin as a store of value, medium of trade, and unit of account not only by recognizing, supporting, and promoting the business but also by utilizing our natural resources and state authority,” Huffines added.
Huffines has called on the state of Texas to prevent the federal government from “discriminating against Bitcoin holders” and “attempting to shut down or prohibit freedom-loving Texans investing in Bitcoin.”
According to Huffine’s website, the gubernatorial candidate wants to establish “the Bitcoin & Cryptocurrency Policy Commission, which will be tasked with identifying the utility of currencies that can be recognized as accepted Texas currency.”
In establishing this commission, trade with Bitcoin will proliferate. Additionally, such a commission “will provide confidence to increase in alternative mediums of exchange that will be complementary to the U.S. Dollar.”
Bitcoin’s rise in prominence as a cryptocurrency has not been ignored by political actors.
Even Texas’s current governor, Greg Abbott, has courted Bitcoin miners and has invited them to visit Texas and potentially set up shop there.
Mishra noted that Abbott is working on fine-tuning the state’s electrical systems to meet the increased demand for Bitcoin. Abbott also stressed that Bitcoin miners will play a pivotal role in adding a dynamic facet to the Texan economy.
The Dallas Express contacted Stephan Livera, the host of the Stephan Livera Podcast and the Managing Director at Swan Bitcoin International, for his thoughts on Huffines’ pro-Bitcoin political platform.
Livera said, “This proposal by Huffines would make Texas incredibly competitive and attractive for bitcoiners and businesses, especially at this crucial early moment in Bitcoin’s global adoption.”
He added, “It will mean significantly easier processes accounting and tax wise, and businesses and opportunities started here and now will end up being highly influential. Being first will also be meaningful in demonstrating Texas’ commitment to freedom.”
Economics experts such as Steve Hanke, a professor of applied economics at John Hopkins University, have expressed less sanguine views about Bitcoin’s potential as a competing currency.
Hanke has described Bitcoin and the broader cryptocurrency space as a “casino operation.” He added that “They’re not really investments, they’re speculative assets.”
“In crypto, there’s no fundamental value — the value is zero. It’s just for speculation. And they’re not used much in transactions. Half of [the] transactions for Bitcoin are associated with illegal activity,” Hanke concluded.
Trackbacks/Pingbacks