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Two US States Now Support Bitcoin — New Legislations Will Be Huge for the Crypto Market

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By Augustine Mbam - - 5 Mins Read
Credit: Newsvot |

Two big states in the US are taking huge steps into signing laws that make Bitcoin legal in the state. Texas and New Hampshire have taken crucial steps to legalize Bitcoin in their states.  

Texas has been using crypto mining to control power grids. The former head of Texas’ energy grid, Brad Jones, mentioned that Bitcoin has been helping the state's power sector to regulate the amount of power that comes and goes. Bitcoin mining can turn itself on and off depending on the demands of the power grid. This unusual ability has helped the Texas power sector to keep the power coming from their grid balanced. 

During the Texas Blockchain Summit, the former head of Texas’ energy grid, Brad Jones, said, "For many years, I’ve been looking for loads of scale that can really respond in a demand-responsive way to help to balance our grid. […] But it is here now. […] Bitcoin has the nature of turning down when prices begin to rise in a way that we can give that power to consumers."

New Hampshire is following the steps of Texas after their governor created the Commission On Cryptocurrencies And Digital Assets that will help give recommendations on how Bitcoin can be used to stabilize their power grid. 

The Commission On Cryptocurrencies And Digital Assets first commended blockchain technology, saying it has the potential to create solutions to many issues. "Blockchain technology (digital databases secured by cryptographic software protocols distributed across connected computers) appears to be an important technical innovation with many potentially important applications in our human societies and economies," the Commission On Cryptocurrencies And Digital Assets said

At the end of their report for the governor, the Commission On Cryptocurrencies And Digital Assets also highlighted a major role of regulation. The commission said that despite crypto mining and other blockchain activities being very important, they must be controlled. 

"New Hampshire government (Governor, Legislature, Executive Branch agencies, and courts of our Judicial Branch) should devote resources to establishing a state legal regime that will offer an attractive jurisdiction for the best responsible Blockchain innovators, entrepreneurs, and businesses while protecting investors and consumers who use their applications," the commission added. 

Bitcoin Adoption in Texas 

Before New Hampshire started talking about Bitcoin or releasing a report about it, a group in Texas had already recommended that the government make Bitcoin an approved state investment. 

The group which projected this report says that those participating in Texas crypto mining should be given self-custody protection. This means those who legally participate in mining should be given tax incentives. 

Dan Held, a bitcoin enthusiast, tweeted saying, "Texas Government proposes allowing Bitcoin as an authorized investment for the state. Texas is a Bitcoin country."

Although these two states are taking major steps to make this dream a reality, more steps and documents must be signed into law. Assuming the two states finally make Bitcoin a legal asset, it will be one of the most crucial steps to crypto adoption in the United States. 

Bitcoin price is relatively stable now despite the bad news of Genesis filing for bankruptcy in the past hours. Keeping its head above $20k, Bitcoin is expected to pick up and continue its bullish trend.