Multiple States Considering Bitcoin Reserves

U.S. States Considering Bitcoin Reserves Amid National Crypto Push

With Bitcoin’s price surging since Election Day and President-elect Donald Trump advocating for a national Bitcoin reserve, several U.S. states are now exploring strategic Bitcoin stockpiles. Proposals in at least eight states highlight a growing trend to incorporate the world’s leading cryptocurrency into public financial strategies.

States Leading the Bitcoin Reserve Movement

Texas

Proposal: A bill introduced by State Representative Giovanni Capriglione calls for Texas to establish a Bitcoin reserve.
Details:
- Funds to be held in cold storage for at least five years.
- Texans can donate to the reserve fund.
Objective: Enhance innovation in digital assets and safeguard financial security.

Pennsylvania

Proposal: A bill enabling up to 10% of the State General Fund, Rainy Day Fund, and Investment Fund to be invested in Bitcoin.
Potential Investment: Nearly $1 billion worth of Bitcoin.
Rationale: Hedge against inflation and maintain economic resilience.

Ohio

Legislation: The Ohio Bitcoin Reserve Act, introduced by State Representative Derek Merrin.
Key Points:
- Establishes a Bitcoin fund within the state Treasury.
- Empowers the Treasurer to purchase Bitcoin at their discretion.
Justification: Combat the devaluation of the U.S. dollar and embrace innovative technology.

New Hampshire

Legislation: A bill by Rep. Keith Ammon allowing the Treasury to invest in Bitcoin and engage in lending or staking practices.
Motivation: Aligns with the state’s “Live Free or Die” ethos and seeks to diversify assets against inflation.

North Dakota

Resolution: A proposal to invest selected state funds in digital assets, including Bitcoin.
Next Steps: Further discussions to define specifics and possibly draft a comprehensive bill.

Wyoming

Proposal: A bill allowing up to 3% of key state funds to be invested in Bitcoin.
Custody Options: Direct custody, qualified custodians, or Bitcoin ETFs.
Advocacy: Wyoming’s “Bitcoin Senator,” Cynthia Lummis, has been a vocal supporter of such initiatives.

Massachusetts

Bill Details: Up to 10% of the state’s rainy day fund could be allocated to Bitcoin.
Additional Features: Supports lending or staking Bitcoin to generate additional returns while minimizing risks.

Oklahoma

Proposal: A bill allowing investment in digital assets with a $500 billion+ market cap, effectively focusing on Bitcoin.
Scope: Up to 10% of public funds in specific accounts could be allocated.

National Context

President-elect Donald Trump and his allies have championed the idea of a national Bitcoin reserve, signaling a significant shift in how governments view digital assets. Proposals at the state level align with Trump’s broader crypto-friendly stance, potentially laying the groundwork for future federal adoption.