Kentucky is the Lates U.S. State to Take Steps Toward Establishing a State Bitcoin Reserve
The excitement surrounding Bitcoin (BTC) is intensifying across the U.S. after Donald Trump's presidential win, with Kentucky recently joining the movement to establish a state-backed Bitcoin reserve.
Kentucky has introduced a bill, HB376, becoming the 16th state to propose such legislation. Sponsored by State Representative Theodore Joseph Roberts, the bill seeks to authorize the State Investment Commission to invest up to 10% of surplus state funds in digital assets, including cryptocurrencies.
The legislation specifically defines eligible assets, ensuring that only Bitcoin qualifies, as it is the only digital currency with a market cap exceeding $750 billion. As of now, Bitcoin’s market cap surpasses $1.9 trillion, leaving Ethereum far behind at around $334 billion.
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With Kentucky’s move, the state joins a growing number of others, such as Arizona, Florida, and Texas, that are exploring the creation of Bitcoin reserves. While several states have introduced similar bills, none have passed so far. Wyoming’s attempt with the WYHB201 bill was unsuccessful, as was North Dakota’s HB1184. However, Utah has made progress with its HB230 bill, which has passed the House and is now awaiting a Senate vote.
The idea of state-backed Bitcoin reserves is part of a broader trend, with nations considering Bitcoin for their strategic reserves. U.S. Crypto Czar David Sacks has indicated that the federal government is exploring the possibility of a national Bitcoin reserve, while Brazil is reportedly looking to add Bitcoin to its national treasury as a way to diversify its financial assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
