Multiple U.S. states are currently exploring the establishment of Bitcoin reserve bills, spurred on by rising prices of the cryptocurrency.
Donald Trump and his political allies aim to stockpile Bitcoin at a national level, prompting states like Texas, Pennsylvania, and Ohio to consider similar actions locally.
Texas
In Texas, Representative Giovanni Capriglione has proposed a bill requiring the state to create a strategic Bitcoin reserve. The proposed legislation mandates that Texas holds the Bitcoin for at least five years in a cold storage setup, meaning it won’t be connected to the internet. Under the bill, transactions using these assets outside of Texas would be prohibited. The bill argues that such a reserve would foster innovation and enhance financial security for Texans.
Pennsylvania
In Pennsylvania, a bill introduced in November seeks to enable the state’s Treasurer to invest up to 10% of important funds – such as the General Fund and the Rainy Day Fund – into Bitcoin. This could allow for an investment of nearly $1 billion in Bitcoin, helping Pennsylvania maintain pace with economic inflation.
Ohio
Ohio’s Representative Derek Merrin introduced the Ohio Bitcoin Reserve Act on December 17, proposing a similar fund within the state Treasury. This act would empower the state Treasurer to buy Bitcoin and advocate for modernization to safeguard tax revenue.
These proposals are part of a broader push from digital asset advocates urging other states to consider building their own Bitcoin reserves as the cryptocurrency grows in prominence.
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