Oklahoma and Texas Advance Proposals for Bitcoin Reserves in Finance
Lawmakers in Oklahoma and Texas are advancing proposals to establish Bitcoin reserves, reflecting the growing adoption of BTC in public finance. Key developments include:
- Texas State Senator Charles Schwertner introduced bill SB 778 to make Bitcoin a reserve asset, allowing tax collection in BTC.
- Oklahoma's Representative Cody Maynard proposed the Strategic Bitcoin Reserve Act under House Bill 1203, aiming to allocate pension funds to Bitcoin as an inflation hedge.
- Pennsylvania lawmakers plan to invest up to 10% of Treasury assets in Bitcoin, influenced by private firms like BlackRock and Fidelity.
- North Dakota and New Hampshire are also introducing Bitcoin reserve legislation, with New Hampshire's bill encompassing broader "digital assets."
- Currently, 13 US states are considering similar Bitcoin reserve bills, highlighting Bitcoin’s role as a store of value amid economic uncertainty.
Globally, countries like Japan, Switzerland, and Russia are exploring Bitcoin integration. Municipalities like Vancouver have approved Bitcoin as part of their reserves. VanEck forecasts that widespread adoption could reduce the US national debt by 36% by 2025.
The initiatives in Texas and Oklahoma indicate a significant shift in public finance strategies, emphasizing cryptocurrencies' growing role in enhancing financial resilience.