Oklahoma is the latest US state to consider integrating Bitcoin into its treasury. Representative Cody Maynard introduced House Bill 1203, the "Strategic Bitcoin Reserve Act," on January 15th, aiming to allow state pension funds and savings accounts to invest up to 10% of their assets in the cryptocurrency.
Hedging Against Inflation
The bill emphasizes Bitcoin's potential as an inflation hedge, citing its decentralized nature and resistance to government manipulation. "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," stated Representative Maynard. "The bill is about protecting the hard-earned money of Oklahoma's citizens."
Growing National Trend
Oklahoma's initiative joins a growing movement across the US. Pennsylvania pioneered this approach last November, proposing a similar 10% Bitcoin investment for the state treasury. Texas followed suit in December, and North Dakota and New Hampshire have recently introduced similar legislative measures. Dennis Porter, CEO of the Satoshi Action Fund, reported that North Dakota's proposal has already garnered significant support, with 11 out of 141 lawmakers backing the initiative.
Next Steps
HB1203 will be considered during the upcoming legislative session, which commences on February 3rd. If passed, the bill would become effective on November 1st.
January 2025, Cryptoniteuae