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Cryptocurrencies are not only changing the financial system but also paving the way for a new level of luxury. Now luxury goods, from designer jewelry to exclusive yachts, can be purchased with cryptocurrency. What lies behind this trend, and why has blockchain become an important part of the luxury industry?

Oklahoma senator introduces Bitcoin Freedom Act for BTC payments
“If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar,” said Senator Deevers after introducing the bill.
Republican senator for Oklahoma, Dusty Deevers, has filed legislation that would allow employees and residents in the state to opt to receive payment and salaries in Bitcoin and enable vendors to accept BTC payments.
“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments,” said Deevers after introducing the Bitcoin Freedom Act on Jan. 8.
“As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people,” he added.
The bill, called SB325, ensures that participation is entirely voluntary, “respecting free-market principles” and empowering employees, employers, and businesses to choose their own payment options, he stated.
According to the filing, one of the purposes of the act is to “establish a framework for the secure use of Bitcoin by the State of Oklahoma, private businesses, and individual residents,” and another is to “authorize Bitcoin as an acceptable medium for transactions, salaries, and investments.”
Senator Deevers praised President-elect Trump’s pro-Bitcoin campaigning, adding, “Bitcoin has arrived into the mainstream of our economy and is unquestionably a significant part of the financial future.”
The legislation puts Oklahoma in a “leadership role nationally” while ensuring the state “embraces the future of financial technology while providing our citizens with more financial options,” he said.
The Bitcoin Freedom Act will be eligible for consideration in the 60th legislative session beginning on Feb. 3.
Senator Deevers is among those growing weary of high inflation in the US. “If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US Dollar,” he said on X on Jan. 8 before adding:
“One of my biggest campaign promises was to fight for the financial well-being of those I represent and do what I could to offset the damage caused by inflation.”
Deevers, who is also a pastor, criticized central bank digital currencies (CBDCs), stating on X on Jan. 9 that they enable government overreach and surveillance.
“They give central authorities the power to track, control, and restrict individual transactions, undermining financial privacy and freedom,” he said before extolling the virtues of Bitcoin:
“Bitcoin promotes financial sovereignty. Its decentralized, censorship-resistant design allows individuals to retain full control over their money, free from government interference or inflationary manipulation.”
Inflation in the US has been climbing since September 2024 and is currently 2.7%, according to Trading Economics. It surged to a four-decade high of over 9% in mid-2022 during the pandemic and lockdown.
In May 2024, Oklahoma Governor Kevin Stitt enacted a law that creates a legal framework for blockchain firms and safeguards crypto mining activities. The bill, which came into effect in November, makes it easier for Bitcoin miners to operate in the state.
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