Bitcoin's New $337 Billion Market Opportunity Is in... Arizona?
At the end of January, the Arizona legislature introduced a new bill to make Bitcoin (CRYPTO: BTC) legal tender within the state. If the bill passes into law, Arizona will become the first U.S. state where Bitcoin has the status of legal tender.
The move -- while it might appear quixotic to many crypto skeptics -- is actually similar to the one made by El Salvador back in September 2021, when it became the first nation in the world to make Bitcoin legal tender. Since then, the government of El Salvador, led by President Nayib Bukele, has become one of the staunchest supporters of Bitcoin on the world stage. So it's only natural to ask: What would be the implications of Arizona actually making Bitcoin legal tender?
The new Arizona bill formally states that Bitcoin can serve as a medium of exchange for "the payment of debts, public charges, taxes, and dues." It would also require merchants to accept Bitcoin as payment for all commercial transactions. In essence, holding $20 worth of Bitcoin in your digital blockchain wallet would become the same as holding a physical $20 bill in your real-world leather wallet.
Source Fool.com
