#XmasCryptoMiracles
US STATES PLAN TO CREATE STRATEGIC BITCOIN RESERVES
Several states in the United States are considering creating strategic Bitcoin reserves to increase financial stability and protect against inflation. Pennsylvania Representative Mike Cabell has introduced a bill that would invest up to 10% of state funds in Bitcoin. Cabell said the move would be a hedge against inflation.
Similarly, Ohio Representative Derek Merrin has introduced a bill called the “Ohio Bitcoin Reserve Act.” The bill would establish a Bitcoin reserve fund within the state treasury and temporarily invest public funds in Bitcoin. Merrin said the initiative aligns with Ohio’s goals of supporting innovation in crypto assets and protecting public funds from depreciation.
According to an analysis by asset management firm VanEck, if the US were to create 1 million Bitcoin reserves, the national debt could be reduced by 35% by 2049. This estimate is in line with a proposal by Senator Cynthia Lummis.
However, these initiatives have also faced some criticism. Critics argue that Bitcoin’s price volatility could put public funds at risk and that such an investment could pose potential risks to taxpayers.
🔥🔥🔥 As a result, while state-level Bitcoin reserves are gaining momentum in the US, debate continues over whether these steps will provide financial stability and protection against inflation❗️
