- Texas becomes the latest US state to consider implementing a Bitcoin reserve.
- Vancouver considers Bitcoin reserves, but critics highlight legal concerns.
- A major Australian pension fund takes steps toward Bitcoin exposure.
The heartland of America’s Bitcoin mining industry is laying the groundwork for legislation to hold the asset in its reserves.
Texas State Representative Giovanni Capriglione introduced a bill on Thursday to allow the state to accept taxes, fees, and donations in Bitcoin that it would hold for at least five years.
Capriglione framed the move as a hedge against inflation, stating, “Investing in Bitcoin would be a win-win for the state.”
The push for state-level Bitcoin investments comes amid President-elect Donald Trump’s pro-crypto stance and comments about making the US the “crypto capital of the planet.”
Here are some other states and countries that are moving to incorporate Bitcoin into their financial strategies.
Florida
Florida is also eyeing a Bitcoin reserve, with plans to leverage its $1.85 billion pension fund to create one as early as 2025.
The Florida Blockchain Business Association has been a vocal advocate for the move, arguing that the state’s budget surplus can fund the reserve.
“Just investing 1% of our pension fund into Bitcoin would be $1.85 billion,” said FBBA President Samuel Armes.
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Pennsylvania
A new Pennsylvania bill proposes to allocate up to 10% of the state’s General Fund to a Bitcoin reserve.
The bill is sponsored by State Representatives Mike Cabell and Aaron Kaufer and aims to leverage Bitcoin as a hedge against inflation.
Michigan
Michigan has taken a more conservative route, investing in Bitcoin-related exchange-traded funds instead of direct cryptocurrency purchases.
The state’s latest Securities and Exchange Commission filings reveal an $11 million position in the ARK 21Shares Bitcoin ETF.
Wisconsin
Wisconsin has built a stockpile of over $220 million in Bitcoin-related financial products at current prices.
Its holdings include Grayscale and BlackRock Bitcoin ETFs.
Vancouver
In Canada, Vancouver is taking steps to explore Bitcoin integration at the municipal level.
Mayor Ken Sim’s new proposal has been approved by city councillors, and aims to investigate the potential of holding Bitcoin as part of the city’s financial reserves and enabling cryptocurrency payments for municipal services.
Critics, however, point to significant legal and practical challenges.
Existing laws currently prohibit municipalities from holding cryptocurrencies in their reserves, and concerns about Bitcoin’s environmental impact and association with organised crime add further complexity.
Australia
Australia’s AMP firm has also dipped its toes into Bitcoin.
The wealth management firm allocated A$27 million to Bitcoin futures earlier this year, marking one of the first major moves by an Australian pension fund into digital assets.
Crypto market movers
- Bitcoin is down 1% over the past 24 hours to $100,453.
- Ethereum is down 0.6% to $3,936.
What we’re reading
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
