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- At least 15 U.S. states are set to propose ‘Strategic Bitcoin Reserve’ legislation in a major policy shift.
- Arizona leads with plans to include Bitcoin in public pension funds for diversification and risk mitigation.
In a recent development, at least 15 states in the United States have announced plans to submit legislation establishing a “Strategic Bitcoin Reserve.” This was said by Dennis Porter, CEO of the Satoshi Action Fund, who also underlined that this figure has gone from 0 to 15 in only the previous three months and might rise to 16.
Arizona Pioneers with Bitcoin Investment Strategies
Arizona is one of the states under public focus. The Arizona Senate had previously deliberated on a significant step to add Bitcoin into the pension system for the state. With an eye toward diversifying their portfolios and lowering risk, this program is meant to benefit the Public Safety Personnel Retirement System (PSRS) and the Arizona State Retirement System (ASRS).
Moreover, a measure passed by the Arizona Senate Finance Committee lets public monies be invested up to 10% into digital assets, including Bitcoin.
Federal Support for Strategic Bitcoin Reserve Initiative
This project has attracted support at the federal level by means of the Senate Banking Subcommittee on Digital Assets. Known as a Bitcoin enthusiast, Senator Cynthia Lummis oversees the panel. As mentioned in our report, Senator Lummis has earlier suggested that in order to bolster the U.S. dollar, the government buy up to one million Bitcoins over five years as part of a strategic reserve.
This idea is a hint to the possibility that, given current global economic difficulties, Bitcoin could prove to be a valuable asset.
Furthermore, in numerous states, interest in Bitcoin has been rising recently. Many state legislators are starting to realize Bitcoin’s possible strategic reserve ability to shield their local economies from world volatility.
