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RE: My Home State on the cutting edge of Tech
I'll be honest. I never would've guessed Arizona as the first state to consider accepting bitcoin. This really would be huge. From what I've read on the bill, the state would be legally obligated to convert the bitcoin to US dollars within 24 hours of receiving it. Of course, we've all seen some massive crashes within minutes but overall, bitcoin should stay pretty stable for a 24-hour period that the state would be in possession of it. And of course, it's the state, so I bet someone eventually screws up, doesn't convert some, and cut to 3 years later when they now have a massive fortune when bitcoin hits 100k.
Ya or the government loses it and then raises taxes to pick up the slack. They did that for the firefighters retirement here already. They made a bad choice and wanted the tax payer to bail them out. My retirement got chopped too, who bails me out.