Due to last year's meltdown and repeated scandals culminating in the FTX crash, cryptocurrencies have lost a lot of hype. Still, they have strong supporters even amid regulators, the latest example being Wendy Rogers speaking in favor of Bitcoin as a legal tender for Arizona. The state senator put forth a set of bills aimed at making the number one cryptocurrency official money statewide.
The documents define Bitcoin as "the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain, and new units of currency are generated by the computational solution of mathematical problems, and that operates independently of a central bank." If the bill is passed into law, it will make Bitcoin on par with the U.S. dollar, thus enabling individuals and businesses to use crypto not only in trade but also to pay taxes, bills, fees, or debts.
Rogers also published a post on Twitter referring to a recent tweet that stormed the social network. It quoted data from Goldman Sachs, which ranked Bitcoin as the best-performing asset worldwide in 2023, outcompeting U.S. Treasury, real estate, and even gold, both in terms of total and risk-adjusted returns. Even though Bitcoin price is far below its 2021 levels, the currency rocketed at the beginning of the year, adding nearly 40% so far.
Wendy Rogers is far from trying to jump on the crypto bandwagon. She's long been a vocal proponent of embracing cryptocurrencies. The senator attempted to introduce a similar bill in January last year but failed to push it through due to controversies concerning its compliance with the Contract Cause of the U.S. Constitution. She didn't give up on the cause, though, and kept moving forward with crypto-friendly legislation, including regulations exempting cryptocurrencies from state taxation.
She also has a clear stance on the virtual assets issued by central banks and decentralized money. Her statement from April last year is music to the ears of crypto followers.