The recent decline in Bitcoin's value to $90,000 has not deterred US states from pursuing a strategic Bitcoin reserve. Recently, the reserve bill gained approval from the Oklahoma State House Committee and is moving towards a full vote.
Recent Developments in Oklahoma Legislation
The Strategic Bill, known as House Bill 1203, was approved by the Oklahoma State House Committee with a majority of 12 votes in favor and 2 against. The bill allows the state treasury to invest about 10% of its public funds in Bitcoin or other virtual assets with a market capitalization of more than $500 billion.
Bitcoin Slump amidst Widespread Adoption
Despite the widespread adoption of Bitcoin reserve bills, the price of Bitcoin has significantly dropped. Yesterday, Bitcoin was trading below $90,000, and at the time of writing, it stands at $87,707, marking a 6.78% decline. Oklahoma is now included in the list of states progressing with Bitcoin Reserve Bills.
Overall Status of Bitcoin Reserves in the US
According to Bitcoin Reserve Monitor data, around 25 US states have proposed Bitcoin strategic reserve bills. Out of these, 18 are still pending, 2 are under consideration, and 5 have been rejected. In addition to HB1203, Oklahoma State Senator Dusty Deevers has filed the Bitcoin Freedom Act, also known as SB 325.
Despite the current Bitcoin price drop, interest in Bitcoin reserve legislation continues to grow across the US. Oklahoma and other states are making strides in passing legislation, which could significantly impact the economy and the cryptocurrency market.
