About six states are currently considering establishing a strategic Bitcoin reserve, with an Oklahoma congressman being the latest to propose the idea.
The tides are changing for cryptocurrency and Bitcoin adoption. The crypto firstborn has matured from being deemed a volatile asset without any intrinsic value to a widely adopted digital currency.
The ploy to adopt Bitcoin as a strategic reserve asset has become a trend among US states amid changing tides at the national level. Oklahoma is the latest state to consider this financial innovation.
Oklahoma Congressman Proposes Bitcoin Bill
As in five other states, an Oklahoman House of Representatives member has proposed adopting Bitcoin as a strategic reserve asset. In a Wednesday report, Rep. Cody Maynard submitted legislation to protect the Oklahoma treasury’s purchasing power using Bitcoin.
The bill proposed acquiring Bitcoin or any digital asset with a minimum market cap of $500 billion averaged over the past year. Notably, only Bitcoin, capped at $1.97 trillion, matches the criteria.
Maynard suggested that the Oklahoma state treasury invest a portion of the general, reserve stabilization, and constitutional reserve funds in Bitcoin amid growing inflation. He further proposed that the investment do not exceed 10% of the state’s reserve fund, suggesting they store the asset with a secured custodian.
Meanwhile, the proposal came on the heels of a senatorial discussion to allow salary payments in Bitcoin. This bill will give state employees the option of receiving compensation in cryptocurrency.
Timeline for Reserve Establishment
According to the filing on the Bitcoin bill, the state House of Representatives will consider the “Strategic Bitcoin Reserve Act” in the next legislative session, which resumes in early February. If the House approves the proposal, Oklahoma will start buying Bitcoin as early as November 1.
The FOMO Continues
With Donald Trump’s inauguration set for January 20, the world is observing his first policies, specifically concerning digital assets. The pro-crypto president teased a conducive environment for virtual assets and the creation of a US Bitcoin reserve.
As the prospect becomes more real, states in the US are already considering adopting Bitcoin before Trump does on the national level. States like Texas, New Hampshire, North Dakota, Pennsylvania, and Ohio are already contemplating buying Bitcoin.
Meanwhile, the FOMO (fear of missing out) has gone global, with Russia, Brazil, and the European Union considering a strategic Bitcoin reserve.
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