Unpacking Arizona's Bitcoin Legal Tender Proposal

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 1 February 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo, Abra and FTX US. On today’s episode, NLW looks at a proposal moving through Arizona’s Senate to make bitcoin legal tender. He explores: The specifics of the Arizona proposal The controversial author of the bill A pro-bitcoin battle in the Texas gubernatorial race Increasing partisan tension around bitcoin and crypto - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Abra is proud to sponsor The Breakdown. Join 1M+ users and Conquer Crypto with Abra, a simple and secure app where you can trade 110+ cryptocurrencies, get 0% interest loans using crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. Visit Abra.com to get started. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Allard Schager/Moment/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	The partisan nature of the U.S. system absolutely eats and destroys every issue that it comes into contact with.
0:08.0	It demands full allegiance to whatever people think, and it means by default roughly half of the other people are meant to not agree with you on the issue.
0:16.9	I don't believe that Bitcoin is only for half the people, and I don't want only half the people
0:20.9	to be interested because of some preemptive partisan stance.
0:25.6	Welcome back to The Breakdown with me, NLW.
0:29.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.5	The breakdown is sponsored by nexo.io, Abra, and FtX, and produced and
0:40.1	distributed by CoinDesk. What's going on, guys? It is Monday, January 31. We have had a hell of a
0:48.6	first month of 2022, haven't we? Today is no exception, as we are talking about Arizona's Bitcoin legal tender proposal.
0:56.4	But first, if you were enjoying the breakdown, please go subscribe, rate, review, or if you want
1:02.4	to get into the conversation in a deeper way, join the Breakers Discord.
1:07.4	You can find the link in the show notes or go to bit.ly slash breakdown pod.
1:12.4	Finally, before we dive in, the standard disclosure. In addition to them being a sponsor of the
1:17.5	breakdown, I also work with FTX. So Friday was one of those days where I locked all the shows
1:23.7	for the weekend and then boom, some great, interesting, fascinating news comes out
1:28.1	after I'm done, leaving me to wait all weekend to share and discuss with you guys.
1:33.4	This time, that was news that a state senator in Arizona had introduced a bill to make
1:38.7	Bitcoin legal tender in the state. So today we're going to discuss the bill itself,
1:43.3	the game theory around states
1:45.8	going after pro-Bitcoin consumers and businesses, which includes not only Arizona but Texas
1:50.8	and some others. We're going to talk about the author of the AZ bill herself, the constitutional
1:55.6	question contained within and partisanship in Bitcoin and crypto more broadly. So SB 1341 was introduced by Senator
	...

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