The science, technology, engineering, and mathematics (STEM) and privacy advocate announced on his Twitter on March 15 that he pledges to make the flagship digital asset legal tender his ‘primary objective’: In the U.S., legal tender refers to all currency and coins issued by the government, such as U.S. cash dollars and Federal Reserve notes. As such, the law recognizes them as a means of settling public and private debts, as well as meeting other financial obligations, such as legal fines, damages, or tax payments. Should Solstin manage to join the Senate and successfully advocate for Bitcoin to become legal tender, it would mean that citizens would be able to use the digital asset to pay off debts among other things. The original creditor would not necessarily be obligated to accept it, but the act of tendering would absolve the debt nonetheless.
Bitcoin as the Great Reset?
The “Great Reset”, which Solstin mentions, is the name of an initiative by the World Economic Forum (WEF), in which the organization has set “dimensions to build a new social contract that honors the dignity of every human being.” Klaus Schwab, the WEF Founder and Executive Chairman, has said that there was a need for a “Great Reset” of capitalism or a revamp of “all aspects of our societies and economies, from education to social contracts and working conditions.” In his words, every country must participate in this Great Reset, “and every industry, from oil and gas to tech, must be transformed”. In July 2021, Finbold reported that the WEF considers blockchain technology as a helpful tool to increase efficiency and fairness in governmental systems while reducing corruption. Notably, if the Senatorial candidate succeeds in joining the US Senate, Mr. Solstin will not be the only crypto advocate there. Finbold previously reported on the announcement of US Senator Cynthia Lummis who said she was finalizing a new bill to integrate cryptocurrencies into the country’s financial system.
