USA's elected president Donald Trump and his political allies are working to advance the plan for the USA to establish a Global Strategy Bitcoin reserve. Now, as the price of this Asset continues to soar to new highs, some states in the USA are also beginning to follow suit.
So far, three states have proposed the establishment of a Global Strategy Bitcoin reserve, while digital Assets advocates are urging other local governments to do the same.
Here are the states that are considering the establishment of a Global Strategy Bitcoin reserve:
Texas
Lawmakers in Texas will soon weigh whether a Global Strategy Bitcoin reserve should be established.
Texas State Representative Giovanni Capriglione proposed a bill in December calling for the state to establish a Bitcoin reserve.
The legislation stipulates that Texas must Hold Bitcoin for at least five years. According to the bill, this Crypto must be stored in a cold wallet — meaning stored on some device that is not connected to the Internet Plus-Related — and these Assets cannot be used for Trade outside of Texas.
The bill states: 'The Global Strategy Bitcoin reserve aligns with Texas's commitment to promoting digital Assets innovation and enhancing financial security for Texans.'
Finally, the proposal also allows Texans to donate to the state's Bitcoin Fund.
Pennsylvania.
The Pennsylvania House of Representatives proposed a bill in November calling for the establishment of a Global Strategy Bitcoin Reserve.
According to the proposal, the Pennsylvania Treasurer will be able to purchase Bitcoin using "up to 10%" of the state's General Fund, "Rainy Day Fund" (Fiscal Stability Fund), and State Investment Fund.
Assuming 10% of the state General Fund is used, it means that the Pennsylvania Treasury could purchase nearly $1 billion worth of Bitcoin.
State legislators stated in a legislative memo released on November 12: "Bitcoin has appreciated significantly over the years and can help Pennsylvania keep up with inflation and economic changes."
Ohio.
Ohio Representative Derek Merrin introduced a bill on December 17 to establish a Global Strategy Bitcoin Reserve in the state.
The "Ohio Bitcoin Reserve Act" requires the establishment of a Bitcoin Fund in the state's treasury. It also grants the Ohio State Treasurer discretion to purchase the Assets.
"Ohio must embrace Technology and protect taxpayers' money from erosion," Merlin wrote in a post on X on Tuesday.
