Key Points
- Texas and Oklahoma introduce bills to position Bitcoin as a strategic reserve asset.
- Global interest in Bitcoin reserves grows, with countries like Switzerland and Russia exploring adoption.
Texas and Oklahoma have recently made strides towards positioning Bitcoin as a strategic reserve asset. This has happened amidst a growing global interest in Bitcoin reserves, with countries such as Switzerland and Russia considering adoption.
Texas and Oklahoma’s Bitcoin Reserve Bills
The recent efforts to make Bitcoin a strategic reserve asset in the U.S. have gained momentum, particularly with the introduction of new bills in Texas and Oklahoma. Texas Senator Charles Schwertner commented on the matter through X (formerly Twitter). He emphasized that Texas provides a favorable environment for cryptocurrency activities, including mining operations, and offers tax exemptions for data centers and mining companies.
The proposed bill aims to create a fund outside Texas’ general revenue to hold Bitcoin as an asset. It also plans to allocate funds for the purchase of more Bitcoin for the reserve. Additionally, the legislation permits residents to donate Bitcoin, promoting communal investment in the state’s future. The bill suggests storing Bitcoin in cold storage with strict security measures and regular audits for transparency.
In Oklahoma, state Representative Cody Maynard has introduced House Bill 1203, also known as the Strategic Bitcoin Reserve Act. The bill emphasizes Bitcoin as a decentralized form of money that cannot be manipulated or created by government entities. It also allows for any state retirement fund to hold digital assets in secure custody solutions, with the option of investing through exchange-traded products (ETPs).
Global Interest in Bitcoin Reserves
Internationally, the integration of Bitcoin into financial reserves is being explored by countries like Switzerland, Vancouver, Ohio, China, and Russia. This signals a growing global trend. However, the future of Bitcoin reserves in the U.S. remains uncertain, as data from Polyamarket indicates that only 36% believe Trump will establish a Bitcoin reserve in his first hundred days.
