16 states betting on a U.S. Bitcoin Reserve

Key Points

  • Utah is considering legislation to invest public funds in Bitcoin, potentially becoming the first state with a Bitcoin reserve.
  • Texas plans to establish a Bitcoin reserve in 2025, with legislative support from key state officials.
  • Arizona has moved forward with the "Arizona Strategic Bitcoin Reserve Act," allowing up to 10% of public funds into Bitcoin.
  • Illinois is developing a strategic Bitcoin reserve bill with a minimum five-year holding period for the cryptocurrency.

Summary

The idea of a Bitcoin Reserve has gained momentum since President Donald Trump's 2024 election campaign pledge. While the federal government has not yet acted, several U.S. states are taking the initiative to incorporate Bitcoin into their financial strategies. Utah is at the forefront, with its house committee approving a bill to invest public funds in Bitcoin. Texas has also shown significant interest, with plans for a Bitcoin reserve listed as a legislative priority for 2025. Arizona has made strides by approving a bill that allows investment in Bitcoin with public funds, and Illinois is exploring similar legislation with a unique five-year holding requirement. Other states like Pennsylvania, Florida, and several others are either proposing or have passed similar legislation, indicating a growing trend towards state-level Bitcoin reserves. This movement reflects a broader acceptance and integration of cryptocurrencies into state financial systems, potentially setting a precedent for national policy.

yahoo
February 10, 2025
Crypto
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