Since her statement, Senator Cynthia Lummis and other federal and state efforts are underway to introduce Bitcoin into the US reserves.
Current Status of Bitcoin Reserves in the US
The United States has yet to adopt Bitcoin as a reserve asset. However, 25 states have initiated or are preparing laws regarding Bitcoin reserves. Recognizing BTC as a reserve asset could lead to significant global changes.
Recent Developments on Bitcoin Reserves
Four states—Montana, North Dakota, South Dakota, and Ohio—have rejected state-level Bitcoin reserve proposals. This highlights the complexities of federal-level approval exacerbated by intra-party divisions.
Prospects for Reserve Legislation
States like Utah, Arizona, and Oklahoma show positive movements in supporting Bitcoin reserves. Utah has already passed the House vote and Senate review, increasing federal-level approval chances.
Support for strategic Bitcoin reserves is growing despite intraparty conflicts and concerns about cryptocurrency volatility.
