Texas and Oklahoma Lead in Establishing State Bitcoin Reserves

user avatar

by Giorgi Kostiuk

2 years ago

The states of Texas and Oklahoma have taken steps to integrate Bitcoin into state finances. Both states introduced bills proposing the creation of a strategic Bitcoin reserve.

Texas Senate Bill SB 778

Texas Senator Charles Schwertner introduced Senate Bill SB 778, which proposes the creation of the first-ever state-level Bitcoin strategic reserve in the United States. Schwertner argues that incorporating Bitcoin into the state's financial system can boost economic growth and financial freedom. He emphasizes Texas' significant budget surplus and its ambition to lead the digital economy.

Oklahoma House Bill 1203

Oklahoma Representative Cody Maynard introduced House Bill 1203, proposing that the state allocate portions of its savings and pension funds to Bitcoin. Oklahoma views Bitcoin as protection against inflation and a tool for financial stability. Maynard advocates for Bitcoin as a means of preserving purchasing power and autonomy from government control.

Bitcoin represents freedom from bureaucrats printing away our purchasing power. As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.Cody Maynard

The Growing Trend of Bitcoin Reserve Legislation

Many US states are considering Bitcoin as a strategic reserve. Pennsylvania, for example, proposed investing up to 10% of its state treasury in Bitcoin. By January 2024, North Dakota and New Hampshire had introduced their Bitcoin reserve bills. New Hampshire's legislation uses the broader term 'digital assets,' indicating potential interest in cryptocurrencies beyond Bitcoin.

Legislative moves to establish strategic Bitcoin reserves are gaining traction both in US states and internationally. Various countries and cities around the world are exploring ways to incorporate Bitcoin into their financial systems.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.