A brand new invoice to determine Bitcoin as a strategic reserve asset was introduced to the Oklahoma Home of Representatives on Jan. 15 by state Consultant Cody Maynard.
Home Invoice 1203, generally known as the Strategic Bitcoin Reserve Act, would allow Oklahoma’s pension funds and state financial savings accounts to allocate a portion of their belongings to Bitcoin (BTC) as a hedge towards inflation.
Rep. Maynard mentioned, “Bitcoin represents freedom from bureaucrats printing away our buying energy.” The state consultant continued:
“As a decentralized type of cash, Bitcoin can’t be manipulated or created by authorities entities. It’s the final retailer of worth for many who imagine in monetary freedom and sound cash ideas.”
A number of US states have pending laws to determine a Bitcoin strategic reserve, and a number of other state pension funds have already diversified into Bitcoin because the digital asset positive aspects mainstream, institutional adoption.
Oklahoma Strategic Bitcoin Reserve Act. Supply: Oklahoma House of Representatives
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Bitcoin strategic reserve proposals pop up in a number of states
Pennsylvania lawmakers submitted a proposal for a Bitcoin strategic reserve within the state in November 2024, permitting the state Treasury to speculate as much as 10% of its belongings in Bitcoin.
State Rep. Mike Cabell argued that Pennsylvania ought to undertake the Bitcoin diversification employed by non-public sector asset managers like BlackRock and Constancy, which use Bitcoin to defend their investments from macroeconomic dangers.
Cabell added that Bitcoin was a strategy to shield state buying energy towards inflation and thru turbulent financial occasions.
In Texas, the Texas Strategic Bitcoin Reserve Act was filed on Dec. 12 by state lawmaker Giovanni Capriglione.
Capriglione proposed that the Texas comptroller of public accounts — the chief monetary official for the state — maintain Bitcoin as a reserve asset for no less than 5 years.
North Dakota and New Hampshire adopted go well with, both introducing Bitcoin strategic reserve bills on Jan. 10.
The New Hampshire invoice makes use of the blanket time period “digital belongings” — a sign that the state could diversify crypto holdings past Bitcoin.
In response to Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Motion Fund, the North Dakota invoice already has 11 co-sponsors.
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