Donald Trump and his allies have been pushing to stockpile Bitcoin at the national level in the U.S. Treasury, and it seems that some states are catching on too. Three states – Texas, Pennsylvania, and Ohio – have either introduced or considered bills to establish strategic Bitcoin reserves. This move comes as Bitcoin’s price continues to rise, prompting digital asset advocates to call for more local governments to follow suit.
In Texas, State Representative Giovanni Capriglione proposed a bill in December that would require the Lone Star State to create its own Bitcoin stockpile. The draft legislation specifies that Texas must hold onto its Bitcoin for at least five years and store it in offline devices known as “cold storage.” Additionally, the state cannot use these assets for any transactions outside of Texas.
The bill also allows residents to donate to the state’s Bitcoin fund. Meanwhile, in Pennsylvania, the House of Representatives introduced a similar bill in November. Under this proposal, Pennsylvania’s Treasurer would be authorized to invest up to 10% of the State General Fund, Rainy Day Fund, and the State Investment Fund into Bitcoin.
This could potentially amount to almost $1 billion worth of purchasing power. “Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep pace with inflation and economic change,” the state’s lawmakers noted in a memo. And finally, in Ohio, State Representative Derek Merrin introduced a bill called the Ohio Bitcoin Reserve Act on December 17.
This measure would establish a Bitcoin fund within the state Treasury and grant the State Treasurer discretionary authority to purchase Bitcoin. While specifics about how this reserve would operate have yet to be determined, the draft legislation serves as a foundation for future discussions and actions.
These developments indicate that there is growing interest among US states in tapping into the potential benefits of Bitcoin investment. As the digital asset continues its upward trajectory, it remains to be seen which other states might follow suit and join the race to establish their own strategic Bitcoin reserves.
Source
As per reported by decrypt.co
