Good Evening Dinar Recaps,

HOW THE BITCOIN FREEDOM ACT COULD SHIELD OKLAHOMANS FROM INFLATION?

In November 2024, the US inflation rate grew sharply from 2.6% to 2.7%. In May 2020, it was just 0.1%. In June 2022, it touched a peak of 9.1%. This inflation pattern has adversely affected the value of the US dollar. Inflation, thus, is something that determines the quality of life a working-class professional leads. Recent developments indicate that US states are keen to protect people from the threat of inflation.

The Bitcoin Freedom Act introduced in the Oklahoma law-making house by Senator Dusty Deevers is the latest example. How much can this law impact the United States society? 

What is the Bitcoin Freedom Act?

The act proposes that Oklahomans should be provided a chance to choose whether they want to receive their wages in Bitcoin or not. It also submits that businesses should be allowed to accept payments in Bitcoin.

Why is the Bitcoin Freedom Act Significant?

At the start of 2024, the US inflation rate stood at just 3.1%. In March, it touched a peak of 3.5%. Though in November it came down to 2.7%, it was far higher than the 1.2% inflation recorded in the same month in 2020.

Growing inflation is one of the most serious threats the US economy is facing right now. Rising inflation means falling purchasing power.

Bitcoin can save people from losing their purchasing power to inflation, as its total supply is fixed, and thus is unaffected by the threat of devaluation unlike traditional currencies.

Oklahoma’s Leadership in Financial Innovation

The introduction of the bill is likely to make a serious impact across the United States. The action has lifted the state to the celebrated position of innovation-friendly economies. It may encourage many to enter the world of financial innovation confidently.

The Future of the Bitcoin Freedom Act

The political stance against the cryptocurrency industry shifted when Republican candidate Donald Trump who projected himself as a pro-crypto candidate, defeated Democratic candidate Kamala Harris who represented a crypto-skeptic regime, in the US presidential election.

In the latest election, the Republican Party received a massive majority in Oklahoma, a US state that has emerged as a stronghold of Republicans, especially since 2011.

The Bitcoin Freedom Act, also known as SB325, is expected to be discussed in the 60th legislative session of the 60th legislature. Reports say that the session will begin on February 3, 2025.

In conclusion, the Bitcoin Freedom Act is more than legislation – it is a step toward financial empowerment and innovation. By embracing Bitcoin, Oklahoma is securing its place in the future of finance.

@ Newshounds News™

Source:  CoinPedia

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BRICS NEWS:  BRICS FAIL TO CHALLENGE US DOLLAR IN 2024: CAN THEY THIS YEAR?

In one of the biggest developments of the last two years, the BRICS bloc has sought to challenge the dominance of the US dollar. Although its de-dollarization process persisted in 2024, the economic alliance has failed to make a significant impact. Now, all eyes are on if it stands a chance in 2025.

According to data from TradingView, a majority of major currencies have fallen against the US dollar. Indeed, the metrics show that the greenback ensured its strength through a resilient American economy. Contrarily, economic activity slowing in China and the Eurozone failed to create an environment for thriving de-dollarization.

US Dollar Ends 2024 Unmoved: Can BRICS De-Dollarization Take Hold This Year?

First created in 2001, the BRICS economic alliance has grown into a legitimate global force. The bloc has continued to expand, although its geopolitical implications have become a point of contention. Amid its increased de-dollarization efforts, the group has proved no match for the strength of the West.

Recent data show that the BRICS collective failed to truly challenge the US dollar in 2024, with its eyes now on succeeding in 2025. Over the course of the last twelve months, the Chinese yuan and Indian rupee both fell 2.8% against the dollar. Additionally, the Russian ruble fell 18.6% against the greenback.

A big reason for the outcome is the United States’ ability to continue its economic recovery. The country’s inflation has fallen from its 40-year high to settle just above the Central Bank’s target. Throughout the last year, it has become one of the best-recovering countries from the 2020 pandemic.

That hasn’t proven true for the rest of the world. Now, all eyes are on the incoming Trump administration. The US President-elect has already issued a stark warning to the BRICS bloc and those seeking to ditch the US dollar. However, his policies could have massive implications. Whether or not the greenback is challenged remains to be seen, but such a challenge would certainly come with a cost.

@ Newshounds News™

Source: Watcher Guru

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