The list of US states embracing Bitcoin reserves is growing
Nearly two dozen American states explore legislation to establish Bitcoin strategic reservations, signaling a significant change in the way public funds approach cryptocurrency.
The Vaneck investment management company estimates that if these invoices are promulgated, the States could collectively acquire around 247,000 BTC, valued at around 23.7 billion dollars at current prices.
Why do states invest in Bitcoin? The funds managed by the state envisage Bitcoin (BTC) For several reasons:
- Inflation hedge: often called “digital gold”, Bitcoin has long been presented as a safeguard against the devaluation of money.
- Diversification: cryptocurrencies, in general, operate independently of traditional financial markets.
- Growth potential: Bitcoin’s historical assessment suggests the potential for high yields over time. Galaxy Digital Alex Thorn search head said the price of bitcoin could reach The level of $ 185,000 by the end of 2025.
Here is an overview of states that already make movements to Bitcoin investments:
Alabama
In December, the state auditor Andrew Sorell said 1819 News that Alabama should establish a Bitcoin strategic reserve. “The crypto is there to stay,” said Sorell. “Nearly 500 million people worldwide have a cryptocurrency. The debate to find out if the crypto will succeed is over. Now the struggle for which states will benefit from it. »»
Arizona
Last monthThe Arizona Senate Finance Committee approved the “Arizona Strategic Bitcoin Reserve Act” during a 5-2 vote. The bill would allow 10% of Arizona public funds to invest in Bitcoin and other digital assets. Then, the bill moved to the senatorial committee rules for debate and amendments. If it is adopted by the entire Senate, he will advance in the House of Representatives of Arizona.
Florida
Florida’s financial director Jimmy Patronis published a letter At the State Board of Administration in October to request a report on the feasibility, risk and potential benefits of directing part of the funds of the state pension system in cryptocurrency. “When you manage state pensions for firefighters, teachers and police, it is also essential to prioritize the results and ensure the best return on investment for the Floridians,” said patronis. “This is where the potential to invest in a cryptocurrency, like Bitcoin, becomes particularly convincing.”
Kansas
In January, website pensions and investments reported That, if a new bill presented in the Kansas State Senate adopts, the pension system of public employees of Kansas, Topeka, will be able to invest up to 10% of its $ 27.4 billion in assets in The Bitcoin Etf.
Illinois
On January 29, the Bitcoin strategic bill was summary to the rules committee to accelerate its approval process. The representative of the State of Illinois, John Cabello, presented the bill to establish Bitcoin as a strategic asset for the State. Under the legislation, the treasurer of the State of Illinois would manage the fund, accepting gifts, subsidies and donations from the BTC of residents and government entities.
Iowa
Earlier this month, the representative of Iowa State, Taylor Collins, presented a bill to invest in public money in bitcoin and digital assets. See below.
Massachusetts
The senator of the Peter Durant State, a Republican representing the districts of Worcester and Hampshire, recently presented a Invoice This would invest in excess funds not committed or not committed to the State in Bitcoin and other digital currencies.
Michigan
Last year, the Michigan State retirement system revealed to have 110,000 shares of the Ark 21Shares Bitcoin ETF, worth around 6.6 million dollars on June 30, according to a 13F deposited With the American Commission for Securities and Exchange.
Missouri
Missouri representative Ben Keathley presented Bill 1217 of the Chamber seeking to establish a Bitcoin strategic reserve fund which would allow the treasurer of the State to invest and have Bitcoin. THE InvoicePlaced on February 6, positions Bitcoin as coverage against inflation and aims to diversify the financial assets of the State.
Montana
Montana legislators wish to invest up to $ 50 million in digital assets, including Bitcoin.
New Hampshire
A new bill presented by the representative Keith Ammon could allow the treasure of the New Hampshire to hold Bitcoin as a reserve asset. Republican representative Keith Ammon propose Legislation that would allow the Treasury of the State to hold BTC.
New Jersey
In July 2024, the mayor of Jersey City, Steven Fulop, suggested that the city’s retirement fund planned to expose itself to Bitcoin ETF. At the time, Bitcoin was traded at $ 67,000. Fulop has remained relatively calm on the subject since then.
New Mexico
The New Mexico Senator Anthony Thornton recently written Senate bill 275, or “Strategic Bitcoin Reserve Act”, proposing an allowance of 5% of state public funds in Bitcoin.
North Carolina
At the beginning of 2023, the lower chamber of the general assembly of the North Carolina approved A bill to propose that the treasurer of the State Department of State is studying to assess the feasibility of the integration of bitcoin into state assets. Quick advance until February 10, 2025: Cointelegraph reports that NC Digital Assets Investments Act has been introduced. It allows the State to invest in digital assets via products negotiated on the stock market.
North Dakota
Earlier this month, the State’s legislature presented the resolution 3001, proposing to invest in public funds in digital assets. The representative of North Dakota Nathan Toman also back A bill to protect the rights of bitcoin minors.
Ohio
Ohio House Gop Majority Whip Steve Demetriou propose Legislation to allocate up to 10% of the funds controlled by the State to a Bitcoin reserve. He also pointed out that Bitcoin could take advantage of the vast natural gas reserves of Ohio to meet the demand for energy.
Pennsylvania
A bill in November 2024 sought to authorize the state treasurer and the public retirement funds to invest in Bitcoin. The bill did not adopt but generated important discussions.
South Dakota
South Dakota House Bill 1202If adopted, would allow the government of the State to invest in public funds in Bitcoin. It was introduced by the first mandate representative Logan Manhart.
Texas
Bill 778 of the Senate is intended to create a separate Bitcoin reserve of the General State income fund. It would be collect Taxes and donations in cryptocurrency. More than that, Texas has a minimum embargo of five years in the sale of state bitcoins.
Utah
Founder and CEO of Satoshi Act Fund, Dennis Porter said Republican senator Cynthia Lummis that the UTAH digital asset working group is specifically devoted to the vote on bills linked to the crypto and to the web3 during the Dead season.
“Each bill that has emerged from this working group has finally adopted the law in recent years, and our Bitcoin reserve legislation has just been issued from this working group”, Porter said in February.
Wisconsin
The United States declared to buy Bitcoin ETF. In the fourth quarter of 2024, the Wisconsin (SWIB) investment office held 3.1 million shares from Ishares Bitcoin Trust (IBIT) of BlackRock, worth around 588 million dollars.
Initially invested in the Bitcoin FNB on a gray scale before expanding Holdings.
Wyoming
Wyoming legislators aim To allow up to 3% of public funds to be invested in Bitcoin. THE Invoice would apply to key funds, such as the general fund and the permanent mineral trustee fund, marking a potential step in the management of public funds. If it is approved, the state treasurer could invest directly in Bitcoin via secure childcare solutions, registered guards or negotiated stock markets on the stock market.
What is the next step?
With the growth of the momentum, the role of bitcoin in the state investment strategies is evolving. If more states are progressing with legislation, Bitcoin could soon become a key asset of public retirement funds across the country.
Post Comment