{"id":100602,"date":"2024-11-22T12:05:04","date_gmt":"2024-11-22T16:05:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100602"},"modified":"2024-11-22T12:05:08","modified_gmt":"2024-11-22T16:05:08","slug":"lawmaker-says-gold-backed-coin-will-help-btc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/lawmaker-says-gold-backed-coin-will-help-btc\/","title":{"rendered":"Texas Lawmaker Says Gold-backed Coin Will Help BTC Adoption"},"content":{"rendered":"\n

Bitcoin adoption<\/a> could be significantly increased by the state's proposed gold-backed coin, according to a Texas lawmaker.<\/p>\n\n\n\n

\"Texas
Texas Lawmaker Says Gold-backed Coin Will Help BTC Adoption<\/em><\/figcaption><\/figure>\n\n\n\n

On November 21, Cody Harris, a Republican Party member of the Texas State House of Representatives, discussed the creation of a gold-backed coin in Texas at the North American Blockchain Summit.<\/p>\n\n\n\n

During a fireside conversation with David Duong of Coinbase\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Harris contended that a state-issued gold-backed token could offer Texans an entry point to the world of digital assets, such as Bitcoin.<\/p>\n\n\n\n

Gold-backed Coin may be a stepping stone to Bitcoin<\/strong> adoption<\/h3>\n\n\n\n

In April 2023, Senator Bryan Hughes and Representative Mark Dorazi, two Texas legislators, introduced two distinct bills to establish a state-issued digital currency backed by gold.<\/p>\n\n\n\n

The proposal stipulates that each unit of the digital currency would be equivalent to a fraction of a troy ounce of gold held in trust.<\/p>\n\n\n\n

Harris stated that the initiative could assist skeptics in gaining a greater understanding of cryptocurrency by providing a government-issued digital alternative before the transition to decentralized assets such as Bitcoin.<\/p>\n\n\n\n

Harris stated that a state-issued coin would provide a “comfort level” for individuals who are extremely hesitant to invest in Bitcoin or explore cryptocurrency, in contrast to tokens issued by firms.<\/p>\n\n\n\n

\n

\u201cThis [state-issued digital currency backed by gold] is something safe that people can get their feet wet with. It\u2019s more of a stepping stone to owning Bitcoin than competing with it or taking the place or something like that.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Harris says CBDC is detrimental to the nation<\/strong><\/h3>\n\n\n\n

Harris disapproved of a central bank digital currency (CBDC)<\/a> while advocating for Texas' gold-backed digital currency initiative.<\/p>\n\n\n\n

At the fireside conversation, the lawmaker stated, “I believe we would all concur that a CBDC is detrimental to the nation and the state of Texas.” He alluded to the numerous potential threats associated with CBDCs, such as surveillance and privacy concerns.<\/p>\n\n\n\n

Harris encouraged the community to ensure that the government adequately addresses the objectives of CBDCs before their implementation. He declared:<\/p>\n\n\n\n

\n
\n

\u201cI think it makes it easier for us who are pro-bitcoin to have conversations about why someone should change their perspective on it. If we start at a CBDC, is it the goal of some parts of the US government? So let\u2019s lock arms together and make sure that that doesn\u2019t happen.\u201d<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin adoption could be significantly increased by the state’s proposed gold-backed coin, according to a Texas lawmaker. On November 21, Cody Harris, a Republican Party member of the Texas State House of Representatives, discussed the creation of a gold-backed coin in Texas at the North American Blockchain Summit. During a fireside conversation with David Duong […]<\/p>\n","protected":false},"author":59,"featured_media":94136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,773,260,581],"class_list":["post-100602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cbdc","tag-gold","tag-texas"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/bitcoin-gold.avif","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100602"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/94136"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}