Key Takeaways
- The BITCOIN Act could see a U.S. Bitcoin Strategic Reserve created at the national level.
- Texas, Ohio, Pennsylvania, and now Oklahoma have proposed to establish state BTC reserves.
- The U.S. Government currently holds approximately 198,109 BTC worth $19.57 billion.
Efforts to establish Bitcoin (BTC) as a strategic reserve asset in the U.S. are ramping up as fresh bills are introduced in Texas and Oklahoma.
With plans for a U.S. national BTC reserve currently on the table and a global race to achieve the same, the premier crypto has transformed into one of the most sought-after assets on Earth.
Bitcoin Strategic Reserve
Texas began its 89th legislative session with a bang as Texan Senator Charles Schwertner introduced Senate Bill (SB) 778, which could see the state become the first to establish a Strategic Bitcoin Reserve.
The proposed fund would be set up outside the state’s general revenue fund, which would allow it to hold BTC as an asset and appropriate funds to purchase more Bitcoins for the reserve.
The bill also notes it would allow residents to donate BTC, thereby promoting “the shared ownership of and community investment in this state’s future.”
“The establishment of a Bitcoin reserve aligns with this state’s commitment to fostering innovation in digital assets and providing enhanced financial security to residents of this state,” the bill reads.
It notes that BTC’s “unique qualities,” such as its limited supply, make it a quality asset to combat inflation and economic woes.
The bill proposes that BTC be placed in cold storage with robust security and reporting standards, including regular audits.
This marks the second time in a matter of weeks that a Bitcoin Strategic Reserve has been proposed in Texas, the first of which was introduced in December 2024 by Representative Giovanni Capriglione.
Oklahoma
Similarly, Oklahoma state Representative Cody Maynard has put forward House Bill 1203, otherwise referred to as the Strategic Bitcoin Reserve Act.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power. As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles,” the bill noted.
Fascinatingly, the bill proposes the state stack not only BTC but also any other digital asset bearing a market cap of $500 million (averaged over the last year)—Bitcoin is the only asset to meet such criteria.
The bill also allows for stablecoins, which should not exceed 10% of the “total amount of public funds in that account” at the time of an investment. It would also allow state taxes or fees paid in BTC to be transferred to the State General Fun.
The bill also makes provisions for “any state retirement fund” to hold digital assets directly in a secure custody solution. This would include using a qualified custodian. It could also permit them to invest in digital assets through exchange-traded products (ETPs).
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
