Texas, Ohio, and Pennsylvania to create Bitcoin reserves
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Three of the 50 states of America are expected to create local Bitcoin reserves soon. The bills differ from the proposal of the American National Bitcoin Reserve and demonstrate local specifics. America is bullish on Bitcoin. Allegedly, each fifth American owns some BTC. While the U.S. President is pushing to create a strategic Bitcoin reserve, the states are working on local reserves. The Ohio and Texas proposals to create such reserves are about to pass; Pennsylvania is following their way, while other states are doing their considerations. What are the specs of the local proposals compared to the federal bill? The main distinction is that the local proposals have different end goals if compared to the federal-level proposal. The federal bill is aimed to cover the national debt and calls for purchasing one million BTC that should be stored in the U.S. Treasury. The Texas bill is aimed at accumulating bitcoins by collecting taxes and donations in cryptocurrency. More than that, Texas has a minimum five-year embargo on selling state bitcoins. Ohio and Pennsylvania are willing to accumulate some BTC as a hedge against the eroding USD value. Bitcoins must be bought by the local treasuries. The bills don’t elaborate precisely on the terms. The Cynthia Lummis bill The Federal Reserve bill was introduced in July 2024 by Wyoming Sen. Cynthia Lummis. Her proposal is called Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. The Lummis bill is expressly presented as a means to pay down the U.S. national debt. Apart from national debt, Lummis mentions soaring inflation rates in the introduction and calls the creation of the reserve a Louisiana Purchase moment. Comparing huge-scale Bitcoin purchases with buying American lands in the past became a popular trope among Bitcoin maximalists. According to the Lummis proposal, Bitcoin…
Filed under: News - @ December 26, 2024 6:26 pm