The push for Bitcoin reserves in U.S. states has gained momentum as Texas and Illinois take steps to integrate Bitcoin into their financial strategies.
Texas Takes the Lead with Bitcoin Reserve Proposal
Texas is at the forefront of cryptocurrency adoption in the United States. Lieutenant Governor Dan Patrick has announced that the state will push for a Bitcoin reserve as part of his legislative agenda for 2025. This proposal, listed as Senate Bill 21, aims to establish Bitcoin as a state-held asset, providing Texas with a new alternative asset class to enhance its position in the growing crypto sector. The Bitcoin Reserve would be managed according to state regulations, ensuring compliance with financial laws.
Illinois Follows Suit with Bitcoin Strategic Reserve Act
Following Texas’s lead, Illinois is also looking to embrace Bitcoin as a strategic asset. State Rep. John Cabello introduced House Bill 1844, also known as the Strategic Bitcoin Reserve Act. This bill seeks to create the Strategic Bitcoin Reserve Fund, managed by the Illinois State Treasurer. The reserve would accept donations of Bitcoin from residents and government entities, with the state holding onto the Bitcoin for at least five years.
Growing Trend Among US States to Adopt Bitcoin Reserves
Texas and Illinois are not alone in considering Bitcoin reserves. Several other states, including Utah, Oklahoma, Arizona and Massachusetts, have introduced or are exploring similar legislation. Utah has already taken steps to establish a Bitcoin reserve, and Arizona’s SB 1025 would allow the state to invest up to 10% of public funds in Bitcoin and other digital assets.
As more states push for Bitcoin reserves, the national conversation around cryptocurrency adoption continues to heat up, indicating a potential shift in public fund management.
