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In summary
- Donald Trump and three US states are considering hoarding Bitcoin as a strategic reserve to foster innovation and financial security.
- Texas, Pennsylvania, and Ohio have already introduced bills seeking to create Bitcoin funds in their respective state treasuries.
- The proposals highlight Bitcoin’s potential to combat inflation and position states as leaders in digital asset technology.
Donald Trump and his political allies are working on plans to accumulate Bitcoin domestically in the US Treasury.
And now, with the asset’s price repeatedly rising to new peaks since Election Day, some US states are following suit.
So far, three states are considering proposals to establish strategic Bitcoin reserves, while Cryptocurrency advocates are calling on other local governments to do the same.
Here are the states considering boosting their coffers with the world’s oldest and most valuable digital currency.
Texas
Texas lawmakers will soon consider whether to establish a strategic Bitcoin reserve.
Texas State Representative Giovanni Capriglione proposed a bill in December calling for the “Lone Star State” to create a strategic Bitcoin reserve.
The bill stipulates that Texas must maintain Bitcoin for at least five years. Cryptocurrency must be held in a cold wallet, meaning some type of device that is not connected to the internet, and the assets cannot be used to make transactions outside of Texas, according to the bill.
“A strategic Bitcoin reserve aligns with Texas’ commitment to fostering innovation in digital assets and providing Texans with greater financial security,” the bill says.
Finally, the proposal also allows Texans to donate to the state’s Bitcoin fund.
Pennsylvania
The Pennsylvania House of Representatives introduced a bill in November calling for the establishment of a strategic Bitcoin reserve.
Under the Bitcoin bill, Pennsylvania’s Treasurer could purchase Bitcoin with “up to 10%” of the state’s General Fund, Rainy Day Fund, and State Investment Fund.
By accessing 10% of the State’s General Fund, the Pennsylvania Treasury could spend nearly $1 billion on Bitcoin.
“Bitcoin, which has appreciated significantly over the years, can help Pennsylvania keep up with inflation and economic changes,” state lawmakers said in a legislative memo released Nov. 12.
Ohio
Ohio State Representative Derek Merrin on December 17 proposed a bill to establish a strategic Bitcoin reserve in the Buckeye State.
The Ohio Bitcoin Reserve Act provides for the creation of a Bitcoin fund in the state Treasury. It also gives the Ohio State Treasurer the discretionary power to purchase the asset.
“Ohio must embrace technology and protect tax dollars from erosion,” Merrin said Tuesday in an X post.
Although some details about how the reserve will work are still unclear, the bill is expected to serve as a framework for Ohio lawmakers to develop in 2025.
Edited by Andrew Hayward
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