U.S. Bitcoin Reserve May Be Coming, But States Are Winning the Race
The post U.S. Bitcoin Reserve May Be Coming, But States Are Winning the Race appeared on BitcoinEthereumNews.com.
Almost half of the state governments in the U.S. are either on a path toward putting some of their money into crypto or already have, and much of a suddenly booming interest in tying their financial futures to the digital-assets markets has come after U.S. President Donald Trump showed support for a national stockpile of digit assets. In the surge of crypto legislative or financial efforts at the state level, 21 states are investing or looking into investing — generally in the industry’s leading token, bitcoin (BTC), and sometimes also in less volatile stablecoins that are designed to match the value of the U.S. dollar, according to a CoinDesk analysis. With states such as Arizona, Pennsylvania, Utah and Texas already digging into legislation to open public funds to buy cryptocurrencies, such initiatives may outpace the effort in Congress targeting a so-called Strategic Bitcoin Reserve. Sixteen state legislatures are looking at bills to either establish digital assets stockpiles or to allow their state retirement funds to be partially invested in crypto, most of them introduced in recent weeks. Officials in another three states are engaged in serious discussions about joining in, and the money managers for two states — Michigan and Wisconsin — have already dipped parts of their public employees’ retirement portfolios into crypto exchange-traded funds (ETFs). If the states begin pouring portions of their public funds into bitcoin and other digital assets, it would potentially lock down billions of dollars of the tokens for extended periods, boosting the value of the assets still openly circulating. Another effect: The states are potentially setting up millions of people to have personal stakes in the health of the crypto sector — whether they want to or not. (Jesse Hamilton/CoinDesk) In several of the proposals, governments are looking to follow in the footsteps…
Filed under: News - @ February 4, 2025 10:23 pm