Louisiana State House Heaps Praise on Bitcoin, Dubs BTC an Alternative to Gold

Louisiana governing body gives a major shout out to bitcoin (BTC).

Louisiana Heaps Praise for Satoshi Nakamoto

In what comes as a government nod of approval, the governing body of the state of Louisiana, U.S., recently gave a major shout-out to bitcoin’s success in a new resolution. According to the resolution, the governing body noted several of bitcoin’s robust and cutting-edge accomplishments in recent times.

In addition, the body also commended the accomplishments and contributions of Satoshi Nakamoto – the pseudonymous creator of bitcoin.

Rep. Mark Wright’s House Resolution No. 33 notes in part:

“THEREFORE, BE IT RESOLVED that the House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security.”

An article from The Hill posits the document was signed on April 22.

It is worthy of note that the praise for Nakamoto came on the heels of the recent rising popularity of bitcoin as a reliable asset class with sound functioning as a store of value. The first few lines of the resolution read in part:

“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.”

Further, the Louisiana document heaps praise for BTC by describing several of its details including its rising rate of adoption, its decentralized nature, and its usage. Notably, the resolution also dubbed bitcoin as an alternative to gold.

“Bitcoin, which could potentially replace gold as a monetary reserve, is limited and finite and there is a maximum capacity of only twenty-one million bitcoins allowed to be produced,” the document said.

A Look at Bitcoin Adoption

Louisiana’s appreciation for bitcoin does not come as a surprise. Lately, several high-profile publicly traded companies announced details about their BTC purchases and the trend is likely to spread to other companies.

As previously reported by BTCManager, Elon Musk’s Tesla had announced that it would be accepting BTC as a payment medium for its products and services without ever converting BTC to USD.