US Government Officially Recognizes Bitcoin as a Reserve Asset
Recent developments in Bitcoin and its regulatory landscape include:
US Government's Strategic Bitcoin Reserve
- The US government now holds bitcoin as a reserve asset, following an executive order establishing the Strategic Bitcoin Reserve.
- This reserve will initially consist of seized bitcoins from criminal cases, including an estimated 198,109 BTC linked to Silk Road, valued at approximately $16.64 billion.
- The order allows for future purchases of bitcoin without taxpayer funding, with key officials exploring this through two government agencies.
- Other cryptocurrencies will not be acquired for the Digital Asset Stockpile outside forfeiture proceedings.
Utah's Bitcoin Bill Update
- The Utah Senate passed bill HB230, which aimed to create a state strategic bitcoin reserve but removed the provision allowing state investment in bitcoin.
- The bill originally permitted up to 5% investment of certain funds into digital assets, specifically targeting bitcoin due to its market cap status.
- Despite the setback, the bill secured rights for Bitcoin users, including mining and self-custody protections.
- Several other states are considering similar legislation.
Bhutan's Bitcoin Mining Operations
- Bhutan has been actively mining bitcoin since early 2021, generating significant revenue to offset declining tourism.
- Prime Minister Tshering Tobgay stated that bitcoin has financed public services and healthcare initiatives.
- Bhutan reportedly mined 27,727 BTC by last September, valued around $2.3 billion, with current holdings of 10,635 BTC worth approximately $876 million.
- Tobgay expressed optimism about the future integration of bitcoin in everyday transactions.