Oklahoma has approved a bill that will allow public funds to be invested in Bitcoin, as part of broader efforts to solidify the state's position as a crypto-friendly region.
Oklahoma's Crypto Legislation Advancement
Oklahoma is moving towards legalizing investments in Bitcoin and other digital assets. The HB1203 bill, approved by the Oklahoma State House Committee, allows the state treasury to invest up to 10% of public funds in Bitcoin and digital assets with a market capitalization over $500 billion. The bill was spearheaded by Rep. Cody Maynard with support from crypto enthusiasts, and a full House vote is expected.
Strengthening Bitcoin in Oklahoma
Oklahoma has been actively supporting Bitcoin adoption initiatives. In May 2024, the state passed the 'Bitcoin Rights Bill,' safeguarding digital asset transactions and prohibiting additional taxes on their use. Senator Dusty Deevers emphasizes that Bitcoin's decentralized nature protects against reckless government spending, which could propel Oklahoma to become a leader in financial technology innovation.
Bitcoin Amid Market Uncertainty
Currently, Bitcoin is undergoing significant market tests. The price of Bitcoin stands at 86,539 USDT, approaching a critical support level of 83,308 USDT at the 0.618 Fibonacci retracement level. Holding above this level could foster a return to the 92,500 USDT mark, while a breakdown poses a risk of deeper losses.
The advancement of HB1203 in Oklahoma represents a significant step towards incorporating Bitcoin into public investments. Bitcoin's ability to hold key support levels may indicate future market growth.
