Summary:
Multiple U.S. states are reviewing Bitcoin reserve bills.
Texas, Pennsylvania, and Ohio are leading the charge in establishing Bitcoin reserves.
Texas mandates Bitcoin to be held for at least five years in cold storage.
Pennsylvania could potentially invest up to $1 billion in Bitcoin using state funds.
Ohio's proposal emphasizes the need to embrace technology and protect tax dollars.
Multiple U.S. states are now considering Bitcoin reserve bills, following the push from advocates who see the potential benefits of holding this digital asset. With Bitcoin's price soaring, states are looking to bolster their financial strategies by incorporating this cryptocurrency into their reserves.
Texas
Texas is at the forefront, with State Representative Giovanni Capriglione proposing a bill to create a strategic Bitcoin reserve. The bill mandates that the state hold Bitcoin for at least five years in cold storage, ensuring security against online threats. Importantly, these assets cannot be used for transactions outside Texas, aligning with the state's commitment to innovation in digital assets.
Pennsylvania
In Pennsylvania, the House of Representatives has introduced a bill to establish a strategic Bitcoin reserve. The proposal allows the state’s Treasurer to purchase Bitcoin using up to 10% of the State General Fund, potentially amounting to nearly $1 billion. Lawmakers believe that Bitcoin's appreciation could help the state combat inflation and adapt to economic changes.
Ohio
Ohio is also joining the movement, with State Representative Derek Merrin proposing a bill to create a Bitcoin fund within the state Treasury. This would give the Treasurer the discretion to purchase Bitcoin, with Merrin emphasizing the need for Ohio to embrace technology to protect tax dollars from inflation.
These proposals indicate a growing interest among U.S. states to leverage Bitcoin as a strategic financial asset, potentially setting a precedent for more states to follow suit.
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