Six US states, including Oklahoma and New Hampshire, have proposed bills concerning strategic Bitcoin reserves, sparking significant interest in the crypto community.
Strategic Bitcoin Reserve in Oklahoma
The state of Oklahoma has officially introduced a bill to establish a strategic Bitcoin reserve. Crypto advocate Dennis Porter noted that the state's House of Representatives introduced the bill.
Response to Presidential Re-election
The rush by states to introduce Bitcoin reserve bills came after Donald Trump's re-election as president. This tally includes Oklahoma, New Hampshire, Ohio, Texas, Pennsylvania, and North Dakota. Porter, a prominent figure in this movement, noted that only a potential executive order could establish a national Bitcoin reserve ahead of individual state efforts.
Diverging Opinions on Bitcoin
Industry leaders like Anthony Pompliano have urged Trump to deliver on his Bitcoin reserve pledge within the first 100 days of his new administration. Some experts believe this could elevate the asset to new price highs and affirm it as a legitimate asset for sovereign reserves. However, not everyone agrees on Bitcoin's status as an asset class. Skeptics like AQR Capital Management founder Cliff Asness view Bitcoin as a bubble waiting to burst unless its real-world use cases emerge.
The introduction of strategic Bitcoin reserves by various states highlights the growing interest in cryptocurrencies, but also brings out diverse opinions regarding their utility and future.
