Alabama lawmakers have proposed a law that allows the investment of public funds in Bitcoin. This proposal follows global cryptocurrency trends.
Alabama's Legislative Initiatives
This week, Senator April Weaver filed Senate Bill 283, allowing the state to invest up to 10% of its public funds in digital assets with a market capitalization exceeding $750 billion. Currently, Bitcoin is the only cryptocurrency meeting this criterion. These assets must be held by the state treasurer, a qualified custodian, or through exchange-traded products.
Bitcoin in US State Reserves
Alabama is not the only state exploring the possibility of investing public funds in Bitcoin. Earlier this year, Texas proposed creating a Bitcoin reserve, and other states, like Wyoming, have already passed legislation recognizing Bitcoin as property and are working on integrating digital assets into financial systems.
National Trends in Financial Policy
States like Arizona and Missouri have also seen efforts to incorporate Bitcoin into their state reserves. While most of these measures have yet to be implemented, they reflect a national trend towards considering Bitcoin as an active element alongside traditional assets.
Legislative initiatives in Alabama and other states aim to integrate Bitcoin into financial systems, reflecting a growing interest in cryptocurrencies as strategic assets.
