Donald Trump and his political allies have been pushing for the US Treasury to start stockpiling Bitcoin at the national level. Now, with the cryptocurrency’s price reaching new highs since Election Day, some US states are jumping on board too. Three states have already proposed creating their own strategic Bitcoin reserves, and digital asset advocates are urging others to follow suit.
Let’s take a look at which states are currently considering adding Bitcoin to their coffers. Texas
In December, Texas State Representative Giovanni Capriglione introduced a bill proposing that Texas establishes its own Bitcoin reserve. The draft legislation stipulates that the Lone Star State must hold onto its Bitcoins for at least five years and store them offline (in cold storage) to prevent cyberattacks.
Additionally, the funds cannot be used for any transactions outside of Texas. “A strategic Bitcoin reserve aligns with Texas’s commitment to fostering innovation in digital assets and providing Texans with enhanced financial security,” says the bill. Interestingly enough, the proposal also allows Texans to donate to the state’s Bitcoin fund.
Pennsylvania
In November, the Pennsylvania House of Representatives introduced a similar bill proposing a strategic Bitcoin reserve. Under this plan, Pennsylvania’s Treasurer would be authorized to invest up to 10% of the State General Fund, Rainy Day Fund, and State Investment Fund into Bitcoin. This could potentially allow them to acquire almost $1 billion worth of the cryptocurrency.
“Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change,” explained the state’s lawmakers in a memo published on November 12th. Ohio
On December 17th, Ohio State Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act, which proposes creating a Bitcoin fund within the state treasury.
While some specifics about how this reserve will function are still being ironed out, this bill is expected to serve as a framework for future discussions about a potential Ohio Bitcoin reserve in 2025. “Ohio must embrace technology and protect tax dollars from eroding,” stated Merrin on Twitter regarding his decision to propose this legislation.
Source
As per reported by decrypt.co
