Several US states are discussing the potential of creating Bitcoin reserves as part of their expanded financial strategies.
Maryland's Bitcoin Reserve Initiative
The Maryland legislature has proposed a 'Strategic Bitcoin Reserve Act of Maryland' to create a Bitcoin reserve funded by proceeds from gambling violations. Initiated by delegate Caylin Young, this measure, if approved, will allow the state treasurer to manage these funds in Bitcoin as part of Maryland's financial strategy.
Utah and Kentucky Digital Asset Bills
Utah and Kentucky have also proposed bills related to digital asset investments. Utah has passed a bill allowing the state treasurer to invest in cryptocurrencies with a market capitalization exceeding $500 billion. Kentucky is looking into allocating up to 10% of excess reserves into Bitcoin and other digital assets.
Bitcoin's Role in Other States' Financial Plans
Over 22 states, including Michigan and Wisconsin, are exploring Bitcoin for inclusion in their financial plans. New Mexico introduced SB57, proposing to allocate 5% of public funds into Bitcoin. These moves reflect the growing interest in Bitcoin at the state level.
The initiatives to integrate Bitcoin into US states' economic strategies highlight its significance and potential as a financial tool.
