🤑 Michigan’s Piggy Bank Goes Crypto: Bitcoin Bill Advances! 🤑

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In the land where the winds howl across the Great Lakes and the factories hum with the ghosts of labor, Michigan has decided to toss its hat into the ring of the digital frontier. The Michigan Bitcoin Reserve Bill HB 4087, a piece of legislation as curious as a raccoon in a cathedral, has shuffled its way to the second reading in the state House of Representatives. Since February, it’s been sitting there like a forgotten casserole at a potluck, but as of September 2025, it’s finally getting its moment in the sun.

The Bitcoin Reserve Bill (HB 4087) Shuffles Forward, One Step at a Time

This bill, which allows the state to dip its toes into the murky waters of crypto assets under conditions as specific as a grandmother’s pie recipe, has been referred to the Committee on Government Operations. It amends the Michigan Management and Budget Act, laying down rules for a strategic crypto reserve. Because, you know, nothing says “fiscal responsibility” like betting on something more volatile than a Michigan winter.

The brainchildren of this bill, Republican Representatives Bryan Posthumus and Ron Robinson, introduced it back in February. It permits up to 10% of state funds to be invested in cryptocurrencies. But here’s the kicker: it doesn’t specify which digital assets can be used. So, it’s like going to a buffet and being told, “Eat whatever you want, but we’re not telling you what’s on the menu.” 🍽️

The bill defines cryptocurrency as: “Digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank.” In other words, it’s money that lives on the internet and doesn’t answer to the man. 🌐

Three Ways to Hold Crypto: Because One Isn’t Enough

According to the bill, the state can hold its crypto in one of three ways, because why have one option when you can have three?

  1. A secure custody solution. (Because nothing says “trust” like a digital safe.)
  2. A qualified custodian, like a bank or trust company. (Old school meets new school.)
  3. An exchange-traded product issued by a registered investment company. (For when you want to sound fancy.)

The bill also lets the state treasurer loan out the cryptocurrency to earn more money, but only if it doesn’t pose any financial risks. Because, you know, lending out volatile digital assets is totally risk-free. 🙄

The Great American Crypto Gold Rush

Michigan isn’t alone in this digital gold rush. Nearly two dozen states are jumping on the Bitcoin bandwagon, each with their own twist. New Hampshire passed HB 302, letting its treasurer invest in digital assets with a market cap over $500 billion. Texas, never one to be outdone, followed with Bill 2749 and SB 21 to create a Bitcoin reserve funded by state money. And Arizona? Well, they did it their own way, because Arizona. 🌵

So, here we are, with Michigan joining the ranks of states creating crypto reserves, paving the way for a future where digital assets are as common as potholes in Detroit. Whether this is a brilliant move or a recipe for disaster remains to be seen. But one thing’s for sure: the piggy bank just got a whole lot more interesting. 🐷

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2025-09-19 11:38