California Lawmaker Teams Up with Proof of Workforce to Boost Bitcoin Adoption
The United States is preparing to adopt Bitcoin as a strategic reserve under the potential Trump administration. Key developments include:
- Texas and Oklahoma are leading states proposing a bill for Bitcoin adoption.
- California lawmakers, led by Republican Phillip Chen, are exploring Bitcoin as a strategic reserve.
- Chen's office appointed Proof of Workforce to draft an official bill for California’s Bitcoin strategy.
Phillip Chen stated that Bitcoin represents significant value and its role in California's economy needs careful consideration.
Reasons for California's Bitcoin Strategy
- California has experienced economic losses due to high taxation, prompting businesses to relocate.
- Proof of Workforce partnered with Santa Monica to establish an official Bitcoin office amid rising interest in digital assets.
- Governor Gavin Newsom enacted the Digital Financial Assets Law (DFAL), effective July 2025, emphasizing the need for Bitcoin adoption.
Market Impact
- Bitcoin has surpassed $105k, driven by institutional and nation-state adoption.
- Investment products such as US spot BTC ETFs are contributing to this price rally.
- As more companies adopt Bitcoin to hedge against inflation, its circulating supply will decrease.
- If the U.S. approves a strategic BTC reserve, other nations may follow El Salvador’s lead.
- Analysts predict Bitcoin could reach $200k and beyond in the coming months.