Missouri Representative Ben Keathley introduced a bill to create a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio.
Bitcoin hodl strategy for Missouri
Ben Keathley proposed the establishment of a Bitcoin Strategic Reserve Fund to be overseen by the state treasurer. The fund would collect Bitcoin via gifts and donations from governmental entities and Missouri residents. The proposal requires government entities to accept cryptocurrency for eligible uses including taxes and fees.
Authority to invest in Bitcoin
The legislation would grant the Missouri state treasurer the authority to invest, purchase, and hold Bitcoin using state funds. The proposed effective date for HB 1217 is set for August 28 and is subject to change based on further discussions.
Similar initiatives in other states
Similar initiatives are being considered in other states such as Utah, where a bill to create a Bitcoin reserve has progressed through the House and is heading to the Senate. Currently, 17 of the 50 US states are discussing the establishment of Bitcoin strategic reserves.
The moves to legalize Bitcoin reserves at the state level highlight the growing interest in cryptocurrency as a hedge against inflation and a tool for investment diversification.
