Lawmakers in Oklahoma and Texas are pushing forward proposals to establish a strategic Bitcoin reserve, reflecting the growing adoption of the digital asset in public finance.
In Texas, State Senator Charles Schwertner introduced a bill to make Bitcoin a reserve asset, allowing the state to collect taxes, fees, and donations in BTC.
States are Pushing for a Bitcoin Reserve
With the largest budget surplus among US states, Texas aims to leverage Bitcoin as part of its financial strategy. According to Schwertner’s proposal, the state wants to be the first to establish such a reserve to become a leader in this space.
“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” Schwertner wrote on X (Formerly Twitter).
President-elect Trump’s inauguration is less than a week away, and it’s evident that Republican state leaders will relentlessly try to adopt BTC as a strategic reserve asset – at least at the state level, if not as a national reserve.
Meanwhile, Oklahoma Representative Cody Maynard introduced House Bill 1203 today, dubbed the Strategic Bitcoin Reserve Act. The bill proposes allocating a portion of the state’s pension funds and savings accounts to Bitcoin.
Like other states, Oklahoma also wants to use BTC as a potential hedge against inflation.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power. It is the ultimate store of value for those who believe in financial freedom and sound money principles,” Maynard stated.
US Lawmakers are Recognizing BTC’s Store of Value
The movement to integrate Bitcoin into state finances is not limited to these states.
In November 2024, Pennsylvania lawmakers proposed the state Treasury invest up to 10% of its assets in Bitcoin. Representative Mike Cabell emphasized that Pennsylvania could follow private asset managers like BlackRock and Fidelity.
On January 10, North Dakota and New Hampshire joined the trend, introducing their own Bitcoin reserve bills. Notably, New Hampshire’s legislation uses broader terminology like “digital assets.” This indicates a potential interest in cryptocurrencies beyond Bitcoin.
Currently, 13 US states are considering Bitcoin reserve legislation, marking a significant shift in its role within public finance.
Globally, interest in Bitcoin reserves is growing as well. Countries like Japan, Switzerland, and Russia are exploring strategies to incorporate BTC into their financial systems. Vancouver, for example, has already approved Bitcoin as part of its municipal reserves.
Also, asset management firm VanEck predicts that adopting Bitcoin reserves could reduce the US national debt by 36% by 2025. These developments signal Bitcoin’s rising significance as governments and institutions seek innovative solutions to strengthen their financial resilience.
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