Bitcoin strategic reserve bill introduced in Oklahoma

Key Points

  • A new bill, the Strategic Bitcoin Reserve Act, was introduced in Oklahoma to allow state pension funds and savings accounts to invest in Bitcoin as a hedge against inflation.
  • Representative Cody Maynard emphasized Bitcoin's role in protecting against inflation and its value as a decentralized, government-independent currency.
  • Several other states like Pennsylvania, Texas, North Dakota, and New Hampshire are also considering similar legislation to establish Bitcoin as a strategic reserve asset.

Summary

On January 15, Oklahoma Representative Cody Maynard introduced House Bill 1203, the Strategic Bitcoin Reserve Act, to the state's House of Representatives. This legislation aims to permit Oklahoma's pension funds and state savings accounts to invest in Bitcoin, viewing it as a safeguard against inflation. Maynard highlighted Bitcoin's decentralized nature, stating it cannot be manipulated by government entities, thus offering financial freedom and sound money principles. This move follows a trend where several U.S. states are exploring Bitcoin as a strategic reserve. Pennsylvania, Texas, North Dakota, and New Hampshire have also introduced or are considering similar bills, with some states like New Hampshire looking at broader digital asset investments. The push for Bitcoin reserves is part of a broader acceptance of cryptocurrencies as legitimate financial instruments, with state pension funds already diversifying into Bitcoin to mitigate macroeconomic risks.

cointelegraph
January 16, 2025
Crypto
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