Missouri has joined a number of states across the US proposing to retain a Bitcoin reserve fund for state investments. This bill has come into fruition following President Trump’s recommendation that a Bitcoin reserve, collected, in part from illegal Bitcoin funds gathered by the government, could help the continued development of the country.
The decision to retain Bitcoin comes from the ever-increasing popularity of cryptocurrency in general, spearheaded by the ongoing support the president has given digital assets since the start of his presidency. Many view cryptocurrency as the future of finance, and it has countless assets that appeal to a wide range of people. The most famous coins, such as Bitcoin, are becoming increasingly popular, and with many states beginning to see the value of retaining a fund of the digital asset, the currency’s goal of reaching a value of $250k seems much more attainable.
Meanwhile, other cryptocurrencies that are more tailored towards fun and community, such as the latest new meme coins to buy, are also increasing in popularity, likely due to the supportive community that surrounds them and the way they appeal to the younger generations due to their reliance on popular internet memes.
With Missouri joining them, there are now 17 US states pushing to retain Bitcoin as part of their reserves and hoping to benefit their state in doing so. Ben Keathley, a Missouri state representative, introduced House Bill 1217, which, if passed, will see Bitcoin become a major player in the state’s financial strategy. This would give the state’s treasurer the power to invest in Bitcoin, receive Bitcoin, and hold it when necessary. It would also see the people of Missouri able to pay their taxes in Bitcoin as well as fees, fines, and other government-related transactions. Although this will be a positive for many citizens, they must also bear in mind that when deciding to make these payments in Bitcoin, it will remain their responsibility to pay for any necessary transaction fees.
The state of Missouri is not alone in this initiative. In fact, Kentucky recently proposed a similar bill which would see 10% of the state’s funds to be invested in Bitcoin and other popular digital assets. This proposal has a significantly large market cap exceeding $750 billion, and demonstrates the country-wide belief the people of America have for the potential of cryptocurrencies. It is likely, too, that the actions of both Missouri and Kentucky, as well as the other states that have proposed similar initiatives, will have a positive influence on the rest of the US, and many similar bills are likely to emerge following their example. The dream of cryptocurrencies like Bitcoin becoming a leading form of currency and an everyday tool for the majority of people in the United States is becoming more and more a tangible reality every day, and the actions of Missouri only help solidify that ideal.
