New Mexico Joins the Growing List of States Investing in BTC
As more U.S. states explore adding Bitcoin (BTC) to their reserves, New Mexico has now joined the movement. The state has officially introduced Senate Bill 57 (SB57), which proposes investing 5% of public funds in BTC as part of a financial diversification strategy.
📌 The bill was introduced by Senator Ant Thornton, aiming to strengthen the state treasury and capitalize on Bitcoin’s long-term price appreciation.
New Mexico’s Bitcoin Reserve Plan
According to the bill, which was shared on X, the "Strategic Bitcoin Reserve Act" focuses on creating an alternative state financial fund.
🔹 A 5% BTC allocation would diversify the state’s investments beyond traditional assets like stocks and bonds.
🔹 The state plans to store BTC securely in cold storage, with the State Investment Officer overseeing the management under the supervision of the State Investment Council.
📌 Senator Thornton emphasized that this move could attract crypto companies to the region, fostering economic growth and innovation in the blockchain sector.
More U.S. States Are Exploring Bitcoin Reserves
New Mexico is not the only state considering Bitcoin as a strategic investment.
🔹 Indiana is working towards adding Bitcoin ETFs to state pension funds, with a bill introduced in late January by Representative Jake Teshka.
🔹 Utah and several other states have also introduced Bitcoin-related legislation, signaling growing acceptance of cryptocurrencies at the state level.
📌 In total, around 15 U.S. states have introduced legislation related to Bitcoin reserves, reflecting increasing interest in digital assets.
Federal Government Evaluating a National Digital Asset Reserve
This growing trend of state investments in BTC aligns with federal government discussions on establishing a national digital asset reserve.
🔹 During a recent Crypto & AI Czar David Sacks conference, it was confirmed that the government is evaluating a proposal to create a Bitcoin reserve.
🔹 However, it remains uncertain whether the Presidential Task Force on Crypto will recommend BTC purchases as part of national assets.
Impact on BTC Price
With rising interest in Bitcoin reserves at the state level, analysts anticipate a positive impact on BTC’s price.
📌 Currently, Bitcoin is trading at $96,679, reflecting a 1.1% increase over the past 24 hours.
📌 Daily BTC price range: $96,301.67 – $99,113.20.
💡 If more states approve BTC investments, it could significantly boost Bitcoin’s market capitalization and reduce its volatility as a growing asset class. 🚀
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