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The interest in Bitcoin (BTC) is expanding beyond individual stakeholders in the United States, as multiple states are contemplating the creation of Bitcoin reserves aimed at fostering financial innovation and diversifying their economies. Among these proactive states are Texas, Pennsylvania, Ohio, New Hampshire, and North Dakota. How is Texas Leading the Charge?What Other States Are Following Suit? How is Texas Leading the Charge? In Texas, a strategic move towards establishing a Bitcoin reserve is underway. Representative Giovanni Capriglione introduced a bill in December 2024, proposing the creation of a state-sanctioned Bitcoin stockpile. This legislation mandates that the Bitcoin be securely stored in cold wallets for a minimum of five years and prohibits transactions outside state lines. What Other States Are Following Suit? Pennsylvania’s House of Representatives proposed a bill in November 2024 that advocates for the allocation of 10% from its General Fund to invest in Bitcoin, potentially amounting to around $1 billion. This initiative aims to leverage Bitcoin as a hedge against inflation. Similarly, Ohio has introduced a bill allowing its treasury to acquire Bitcoin, reflecting a commitment to technological advancements and safeguarding tax revenues from depreciation. New Hampshire’s recent proposal, introduced by Keith Ammon, aims for investments specifically in Bitcoin, citing its substantial market capitalization. Meanwhile, North Dakota’s legislators have suggested investing state funds into various cryptocurrencies, indicating the potential for future detailed proposals. Texas is setting a precedent with a Bitcoin reserve bill. Pennsylvania aims to invest $1 billion in Bitcoin to hedge against inflation. Ohio seeks to protect tax revenues through strategic Bitcoin acquisitions. New Hampshire considers Bitcoin for its market capitalization, while North Dakota explores cryptocurrency investments. These initiatives reflect a growing trend among U.S. states to embrace economic innovation, keeping pace with the digital landscape while aiming for long-term financial resilience. Disclaimer: The information…

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Filed under: News - @ January 12, 2025 10:26 pm