Today, Massachusetts and Wyoming have proposed legislation to create a strategic Bitcoin reserve within their respective states. Meanwhile, a representative in California has initiated steps to draft a bill centered around Bitcoin.
By January 2025, at least fifteen U.S. states are intending to incorporate Bitcoin into their financial reserves.
US Bitcoin Reserve Dream is Transpiring
Under the initiative spearheaded by Representative Jacob Wasserburger, Wyoming legislators are advocating for House Bill 201. This bill aims to permit the state to potentially allocate a maximum of 3% of its public resources towards Bitcoin investments.
Should it be granted, this law might result in Wyoming’s government-held resources, which may include Bitcoin, making up part of their investment portfolio. By the year 2024, these assets had grown to approximately $30.8 billion.
The proposal aims to include Bitcoin as an investment option for our general fund, mineral trust fund, and land fund assets.
The most substantial among these investment funds, known as the Permanent Wyoming Mineral Trust Fund, currently possesses approximately $11.5 billion. Following this approval, the state has the potential to invest more than $300 million into Bitcoin holdings.
The bill has been jointly supported by multiple representatives, as well as Wyoming Senator Cynthia Lummis.
Senator Lummis stated that Wyoming has made its inaugural daring move towards establishing a strategic bitcoin reserve! He thanked Representative Wasserburger for proposing legislation enabling permanent funds to invest in Bitcoin. This progressive action is expected to bring advantages to our state as we spearhead the nation in financial advancements.
Currently, Senator Peter Durant from Massachusetts has proposed Senate Bill 422, named “An Act for the Establishment of a Bitcoin Strategic Reserve.
Additionally, this legislation empowers the Massachusetts State Treasurer to allocate as much as 10% of the yearly deposits in the Commonwealth Stabilization Fund towards cryptocurrencies like Bitcoin and other digital assets.
As a researcher, I’m presenting an idea where the state could potentially earmark approximately $800 million from its over $8 billion reserve in 2024, if we consider this proposed allocation for Bitcoin.
According to Mario Nawfal on X (previously known as Twitter), Massachusetts is now joining the crypto trend by proposing a bill for a Bitcoin reserve. A portion of their rainy day fund will be used for this purpose, and the proposed bill includes a cap of 10% to keep things under control. This isn’t just Massachusetts trying to show off; states like Texas and Oklahoma are also part of this initiative, and it seems that Trump might make this a nationwide policy soon.
While Wyoming’s law only allows investment in a specific digital asset, Massachusetts’ legislation expands this to include various digital assets. Additionally, it contains clauses for lending these digital assets to earn extra income.
Oklahoma, Texas, and California Join the Movement
According to an earlier report by BeInCrypto, both Oklahoma and Texas are moving forward with plans similar to this one. Specifically in Texas, State Senator Charles Schwertner has proposed a bill that would classify Bitcoin as a form of reserve asset.
Texas should take the front-runner position in creating a Strategic Bitcoin Reserves program. To achieve this, I submitted SB 778, a bill that, upon approval and enactment, will make Texas the pioneering state in the United States to initiate a Strategic Bitcoin Reserves program. This is the message Senator Schwertner shared on platform X (previously Twitter).
California is adopting a more investigative stance, with Assembly Member Philip Chen’s office enlisting the services of the non-profit group Proof of Workforce for help in composing a legislation centered around Bitcoin.
The team plans to offer learning opportunities, foster community involvement, and conduct studies on the feasibility of Bitcoin in enhancing state infrastructures and promoting financial stability.
Over fifteen U.S. states, such as Ohio and Pennsylvania, are contemplating the creation of Bitcoin reserves as a precautionary measure against potential devaluation of the U.S. dollar and economic instability.
Across the globe, nations including Japan, Switzerland, and Russia are considering methods to integrate Bitcoin into their respective financial infrastructures. Remarkably, Vancouver in Canada has already given its approval for Bitcoin to be held as part of its local government reserves.
Furthermore, a recent study by VanEck proposes that the broad acceptance of Bitcoin as a reserve currency might diminish the United States’ national debt by an impressive 36% in the current year.
These advancements underscore Bitcoin’s growing impact as a financial tool, as an increasing number of states and countries are considering its application to enhance their financial stability.
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2025-01-18 02:37