Roswell, New Mexico, a notable city in the United States, has become the first to establish a strategic Bitcoin reserve.
The small city, known for its UFO history, has surprisingly taken the lead in the Bitcoin adoption front. With Bitcoin reserves gaining traction in various governmental cadres in America, Roswell has become the first US city to officially hold the pioneering cryptocurrency.
Roswell Makes History
According to a document circulating on the internet yesterday, Roswell has adopted Bitcoin as a municipal-level reserve currency. The city made the move after receiving its first seed BTC donation, totaling 3,050,323 satoshi (0.03050 BTC).
Notably, the anonymous sender transferred the funds on January 3, but Roswell received the donation to its public reserve address on April 30, with the stash worth $2,906. Meanwhile, the city’s Bitcoin holdings have increased to $5,125 at press time, as more market enthusiasts have donated to the wallet since then.
Following the reserve creation, Roswell, New Mexico, announced that it would accumulate more Bitcoin for the reserve through donations and sponsorships and hold it for at least 10 years. Nonetheless, the city would use the US dollar gains from its stash to fund projects, such as subsidizing water bills for elderly community members.
Furthermore, if the funds reach $1 million, Roswell will move the bitcoins to its emergency funds, utilizing 21% of it every five years for disaster relief. However, this proposal is pending approval by the Roswell City Council.
Bitcoin Reserve Ploy Gaining Momentum in the US
Meanwhile, this development comes on the heels of a similar establishment by the state of Arizona. Two bills to allocate 10% of the state’s public assets to buying Bitcoin gained legislative approval on April 29, with their establishment pending approval from Governor Katie Hobbs.
While Arizona is currently leading the race, other states have also made substantial progress. For instance, the Bitcoin Reserve Bill HB 302 in New Hampshire has passed the first round of senatorial approval, gaining considerable momentum.
Moreover, other states, such as Kentucky, Utah, and Oklahoma, are also pursuing the creation of a strategic Bitcoin reserve.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
