Lawmakers in Oklahoma and Texas are proposing bills for Bitcoin reserves, signaling a growing acceptance in public finance across the US.
New Initiatives in Texas
In Texas, State Senator Charles Schwertner has introduced bill SB 778, aiming to designate Bitcoin as a reserve asset. This would allow the state to accept taxes, fees, and donations in BTC, strengthening Texas's status as a financial leader. Schwertner stated on X (formerly Twitter) that it is time for Texas to lead in establishing a Strategic Bitcoin Reserve.
Oklahoma's Bitcoin Reserve Proposals
In Oklahoma, Representative Cody Maynard has proposed the Strategic Bitcoin Reserve Act under House Bill 1203. This bill suggests investing part of the state's pension funds and savings in Bitcoin, viewing it as a safeguard against inflation. Maynard referred to Bitcoin as 'the ultimate store of value' for those who value financial freedom.
Expansion to Other US States
The movement is not limited to Texas and Oklahoma. In November 2024, Pennsylvania lawmakers proposed investing up to 10% of the state Treasury’s assets in Bitcoin. This is influenced by major asset managers like BlackRock and Fidelity. North Dakota and New Hampshire have also introduced similar Bitcoin reserve legislation, with New Hampshire's bill mentioning 'digital assets,' indicating interest in broader cryptocurrencies.
Currently, 13 US states are considering Bitcoin reserve bills, signaling significant shifts in public finance and reflecting the growing acknowledgment of Bitcoin as a valuable asset and a hedge against inflation.
