A historically independent state, Texas’ continued adoption of Bitcoin makes it an innovative leader, with or without the rest of the US.
This is an opinion editorial by James Collins, a financial professional with experience across various asset classes.
“We encourage it, we advance it. But I would say we provide the platform… for those involved in Bitcoin to make sure they have somewhere to go.”
the previous words spoken by Texas Governor Greg Abbott they are a stark reminder of the great power hidden within the various components of Bitcoin that allow the system to organically steer a state or nation towards a realm of independence and ethical and fiduciary responsibilities for its citizenry.
Combining the American spirit of the “shot heard around the world“in 1775 and”Remember the Alamo” in 1836, Texas has the opportunity to obtain absolute state independence through mathematical independence thanks to the “block heard around the world” in 2009. This is my analysis of the characteristics of Texas, the effects of historical events, and how, through Bitcoin, Texas can become fully sovereign.
The Lone Star State
Texas is one of the most fascinating states in the union. Beginning with the Texas Revolution’s use of the “come and take it“bandera, when an emboldened and outnumbered Texan rebel group won the Battle of San Jacinto In claiming independence from Texas, the state has always had a spirit of liberty.
Texas then became the Republic of Texas, electing Sam Houston as its first president and proudly waving the Lone Star flag representing itself as its own country. By 1846Texas had been annexed by the United States and used as a beachhead for the westward expansion of the United States, culminating in the Treaty of Guadalupe-Hidalgo and a $15 million US payment to Mexico for large tracts of western territory. Texas would later secede from the United States in 1861 and on the side of the Confederacy during the United States Civil War.
While trying to contest the independence of the South, Abraham Lincoln clearly fell under monetary duress. TO alleged Lincoln quote he may have described his feelings: “I have two great enemies, the Southern Army in front of me and the bankers in my rear. Of the two, the one in my rear is my greatest enemy.”
To address these issues, Lincoln issued dollar credit based money to finance war expenses. In essence, what this brief history lesson points out are two things:
- Polarization between the states (in this case, the industrial north vs. the agrarian south) can lead to events that negatively affect all states (i.e. the Civil War)
- Private currency issuance has been a thorn in the side of states as they try to act more independently of the federal government and may lead to further centralization.
So, with today’s fractured state ideologies, is Texas prepared to embrace a new, neutral and peaceful way of expressing its independent spirit and desire to keep its citizenry prosperous?
The era of self-sovereignty
The era of individual self-sovereignty is upon us thanks to Bitcoin and it could mean the emergence of a way to solidify and express the rights of states.
Texas has a history of self-sufficiency and promotion of individual liberty. Their ethos forms the perfect combination of peanut butter and jelly with the open, permissionless, and decentralized monetary protocol of Bitcoin. As such, Texas seems more prepared to absorb the economic reality that such a financial network promises, one that means that it cannot forcefully come between users and their money and, if threatened, would make these users check out and leave. bringing their economic power with them. The state’s adoption of this economic change can be understood through the continued increase in bitcoin mining in Texas, the passage of House Bill of 1576 and the current plan for a El Salvador Embassy in Texas.
Also, Texas is the largest energy producer in the U.S. This advantage is of material importance, as seen with the influx and continued growth of bitcoin mining in the state after China’s 2021 mining ban. Texas will surely continue to leverage its ethos and energy production to fuel further bitcoin mining activity. It may soon use bitcoin as a treasury reserve asset to take advantage of its guaranteed decoupling from an unstable world, driving local infrastructure development and upgrades to continue bitcoin mining. The results of those actions would trickle down to other state economic sectors to increase the benefits for its citizens, further encouraging greater interest in productive immigration of the state population.
In conclusion, throughout history states have been drawn into devastating wars, at least in part due to their inability to operate their state economies as they see fit. The ability of all states to make the decisions that best serve their citizens lies in their ability to control their own economic destiny, which begins with money.
Bitcoin has flourished due to ethics in Texas since its inception and its continued flourishing gives Texas the best cover. It allows the state to continue as a vital driver of national economic activity and helps the United States stay ahead in the rapidly changing 21st century or, in the worst case, it will eventually break away and form the northern border of a huge orange economic zone that could stretch across Latin America and as far as El Salvador. Texas, through its storied ethos of independence and self-sufficiency, has flourished alongside the open and permissionless decentralized monetary network of Bitcoin. The further infusion of Bitcoin into all aspects of the Texas economy will allow it to stand as a beacon of economic freedom when humanity needs it most.
This is a guest post by James Collins. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
