According to New Hampshire Rep. Keith Ammon (R), US states aren’t just competing against each other when it comes to stockpiling bitcoin. He believes they are also competing with the federal government, which would force them to print out their money to limit the impact of US debt.
In an interview with DecryptionAmmon said the federal government should closely track what amounts it borrowed to make Washington hum. On Thursday, that totaled around $37 trillion; US debt watch.
Ammon has a small device in his pocket, showing its metrics.
“We are tied to the US dollar, so the state is tied to this debt,” he said. “The only way out of this debt is for the federal government to print more money (and devalue) the currency. So this debt is not much worth over time. That’s what all governments do.”
Earlier this month, New Hampshire It became The first US states to sign the bill into law can now begin accumulating Bitcoin. A day later, Arizona I passed Similar initiatives. Maybe Texas too On the cliff Some states have had about establishing their own strategic Bitcoin reserves It was rejected Bitcoin-related bills since the White House began moving in that direction.
“It’s a big situation,” says Ammon, who became a member of the New Hampshire House of Representatives in 2014, “I think it’s snowballing from there.”
Ammon is one of the lawmakers who view US debt levels as unsustainable. Republican Florida Senator Rick Scott recently Opposition Because President Donald hasn’t done enough to reign in Trump’s massive, beautiful bill this week: a massive deficit.
Ammon suggestion His Bitcoin is a way to protect granite conditions from the constant decline in the purchasing power of the dollar. Fiscal policy is primarily a national issue, but Ammon has seen firsthand the impact of poor management to the county level.
“All budgets will be blown away as the purchasing power of the US dollar has eroded 25% over the past four years,” he said. “If a nation survives, we need to understand how to navigate it.”
That doesn’t mean that New Hampshire is participating in Bitcoin through pension plans and trusts. Ammon’s bill empowers state treasurers accused of revenue and finance oversight, allowing them to allocate less resourceful resources to Bitcoin, which is constantly rebalanced. He added that too much risk could affect the state’s overall credit rating.
“If you put everything in Bitcoin, like Yosemite Sam, that rating goes down and the costs of borrowing money go up,” he said. “You want to take a little risk, but not so much.”
Edited by James Rubin
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