Louisiana State Adopts Bitcoin Law: Here are the Details!

• Louisiana has officially emerged as the 11th state to adopt a bill aimed at safeguarding the fundamental rights of Bitcoin (BTC) users.
• Porter stated, “This landmark bill led by Mark Wright is indicative of the growing recognition of Bitcoin’s significance in today’s digital economy.”
• This legislation ensures the freedom to “buy, sell, and trade” with Bitcoin while providing support for fundamental processes such as mining and verification.

The state of Louisiana has also approved a bill regarding Bitcoin, joining other U.S. states in taking action for Bitcoin!

Louisiana Approves Legislation for Bitcoin

Louisiana has emerged as the 11th state to officially pass a bill aiming to protect the fundamental rights of Bitcoin (BTC) users. The bill, sponsored by Louisiana State Representative Mark Wright, highlights various protections for Bitcoin users, strengthening their rights to interact with the digital currency ecosystem.

According to a post on X by Dennis Porter, CEO, and founder of the Satoshi Act Fund, Louisiana State Representative Mark Wright recently introduced a bill aimed at protecting Bitcoin rights. Porter stated, “This landmark bill led by Mark Wright is indicative of the growing recognition of Bitcoin’s significance in today’s digital economy.”

While guaranteeing the freedom to “buy, sell, and trade” with Bitcoin, this law also supports fundamental processes such as mining and verification. Additionally, it emphasizes the importance of private custody by empowering individuals with the ability to “control their other digital assets.”

Porter highlighted the significance of these legislative efforts, stating, “These bills serve as a critical tool to facilitate the development of the future of Bitcoin and other digital assets within the United States.” By implementing such measures, states like Louisiana not only protect user rights but also foster a conducive environment for Bitcoin innovation and growth.

In a period where more states are recognizing and safeguarding the rights of Bitcoin users, the country stands as a pioneer in a financial revolution. Last month, leaders in Ohio, South Carolina, and Mississippi emerged by approving bills aimed at empowering citizens’ rights to use digital currency. These states presented bills aiming to strengthen fundamental freedoms associated with digital currency.

This development coincides with analysts expecting a bullish trajectory for the Bitcoin price. The initiative was launched under the leadership of Representative Demetriou from Ohio, Senator Verdin from South Carolina, and Representative Steverson from Mississippi.

They emphasized that these legislative efforts uphold the fundamental principles of Bitcoin usage. Like the Louisiana bill, these bills also aim to guarantee unrestricted rights for buying, selling, trading, mining, and private custody with Bitcoin.

BTC Price Surpasses $68,000

As the price of Bitcoin approaches nearly $69,000, the bullish run continues. Although the value of BTC later dropped to the $66,000 level, recent gains were not erased. At the time of writing, the Bitcoin price had risen by 2.59% in the last 24 hours, reaching $66,738.76. Meanwhile, the largest crypto asset had a market value of $1.31 trillion.

Additionally, the trading volume in the last 24 hours increased by 92.93% to $76.54 billion. Due to the ongoing price rally, crypto analysts have provided long-term price targets up to $600,000. Analysts also expect Bitcoin to surpass the massive $13 trillion market value of gold.

BTC open positions reached a record level of $32.60 billion, increasing by 7.78%. On the liquidation front, short positions dominated with a $93.46 million liquidation in the last 24 hours, according to Coinglass. The Bitcoin price may rise further due to this short squeeze. Meanwhile, long-term investors are competing with a significant $64.88 million liquidation.