Utah Advances Bill to Establish Strategic Bitcoin Reserve
Utah is progressing with a bill to establish a Strategic Bitcoin Reserve, following Arizona's similar initiative. The bill has passed the committee stage after a super majority vote.
Key Points
- Bill processed by Representative Jordan Teuscher, Treasurer Marlo Oaks, and Senator Cullimore.
- If approved, Utah will officially add Bitcoin to its financial reserves.
- Over 11 US states are considering adding Bitcoin, potentially allocating 10% of their funds.
- Rumors exist about the US considering XRP for strategic reserves, but opinions in the crypto community are divided.
Bitcoin Price Update
Currently, Bitcoin (BTC) is experiencing a slight correction, down 0.29% in 24 hours at $102,506. It has decreased 2.62% over the past week but remains up 9.41% for the last month.
Despite the dip, companies like MicroStrategy continue to accumulate Bitcoin, recently adding 10,107 BTC to their holdings.