Since Election Day in the United States, Bitcoin has become one of the hottest commodities in the investment market. US President elect Trump has promised to become a "cryptocurrency president" and reportedly build the "most Bitcoin supportive government ever", causing the price of Bitcoin to skyrocket.
During the campaign, Trump stated that if he could return to the White House, he would list Bitcoin as a strategic reserve asset of the United States. Although Federal Reserve Chairman Powell recently stated that the Fed does not intend to hold digital currencies, it still cannot stop people's unlimited imagination of Bitcoin becoming a national reserve.
As Trump's inauguration date approaches, some states in the United States have begun to consider testing the waters in advance: so far, three states have proposed the establishment of Bitcoin strategic reserves. And digital asset industry professionals are calling on other state and local governments to keep up with the trend.
Texas State
Texas lawmakers will soon discuss whether to establish a strategic Bitcoin reserve.
In December of this year, Texas Congressman Giovanni Capriglione proposed a bill calling for the establishment of a Bitcoin reserve in Texas.
The legislative draft stipulates that Texas must hold Bitcoin for at least five years. Under the Act, cryptocurrencies must be kept in "cold storage" - that is, on some device that is not connected to the Internet - and these assets cannot be used for transactions outside Texas.
The bill states: "Strategic Bitcoin reserves are in line with Texas' commitment to promoting digital asset innovation and providing enhanced financial security for Texans
Finally, the proposal also allows Texans to donate to the state's Bitcoin fund.
Pennsylvania
In November of this year, Pennsylvania House members proposed a bill calling for the establishment of a strategic Bitcoin reserve.
According to the Bitcoin Act, Pennsylvania's Treasury Secretary will be able to purchase Bitcoin with "up to 10%" of the State General Fund, emergency reserves, and state investment funds.
If 10% of the state's general fund is used, the Pennsylvania Department of Finance can purchase nearly $1 billion worth of Bitcoin.
In a legislative memorandum released on November 12th, lawmakers in the state stated, "Bitcoin has appreciated significantly over the years and can help Pennsylvania keep pace with inflation and economic changes
Ohio State
On December 17th, Ohio Congressman Derek Merrin proposed a bill to establish a strategic Bitcoin reserve in the state.
This bill is called the Ohio Bitcoin Reserve Act, which requires the establishment of a Bitcoin fund within the state Treasury and grants the Ohio Treasury Secretary the discretion to purchase the asset.
Ohio must embrace technology and protect taxpayers' money from erosion, "Merlin said in an X post.
It is expected that this legislative draft will serve as a framework established by Ohio State legislators in 2025.