- Texas and Oklahoma introduced bills to create Bitcoin reserves as strategic assets.
- Global interest grows in Bitcoin reserves, with countries like Switzerland and Russia exploring adoption.
With Donald Trump’s election as the 45th U.S. President generating excitement, debates are heating up over his promise to create a Bitcoin [BTC] Reserve for Strategic Purposes.
Texas and Oklahoma introduce Bitcoin Reserve Bill
The push to establish Bitcoin as a strategic reserve asset within the United States has been gathering steam lately, particularly with fresh bills emerging in Texas and Oklahoma.
Texas Senator Charles Schwertner took to X (formerly Twitter) to comment on the matter, and stated,
Texas presents a beneficial setting for cryptocurrency-related activities such as mining operations, offering advantages like tax exemptions for data centers and mining businesses.
As a financial analyst, I’d like to clarify that while cryptocurrency transactions do not incur state-level taxes currently, they are indeed subject to federal taxation. Senator Schwertner advocates for a proposal that aims to place our state at the cutting edge of the digital economy, thereby fostering growth and safeguarding economic freedom within our esteemed state.
How it would work?
The proposal is about establishing a separate fund, independent from Texas’s general budget, where Bitcoin (BTC) can be stored as an investment. Additionally, it intends to use funds for further purchases of BTC to add to this reserve.
Furthermore, the law enables locals to contribute Bitcoin, fostering a sense of “communal ownership and investment in our state’s future.
The proposal suggests that Bitcoins should be kept in high-security offline storage, under stringent safety protocols, and subjected to frequent checks for accountability.
As a crypto investor, I’ve noticed an intriguing trend: There have been two proposals for a Bitcoin Strategic Reserve in Texas within just a few weeks. This latest one comes after Representative Giovanni Capriglione introduced a similar plan back in December 2024. It’s fascinating to see such initiatives gaining traction, and I’m eagerly watching how they might shape the future of cryptocurrency.
Besides Texas, Oklahoma joins the fray…
Meanwhile, Oklahoma’s State Representative Cody Maynard is advancing the cause by introducing House Bill 1203, more commonly referred to as the Strategic Bitcoin Reserve Act.
Rep. Cody Maynard of Oklahoma is moving ahead with his plan by submitting House Bill 1203, also known as the Strategic Bitcoin Reserve Act.
The bill noted,
Bitcoin symbolizes liberation from officials who print money, thereby eroding our buying power. Being a decentralized monetary system, Bitcoin isn’t controlled or fabricated by governments. It serves as the ideal form of long-term wealth storage for those advocating financial autonomy and strong economic principles.
Additionally, it allows any state retirement funds to safely store digital assets by utilizing secure custody solutions. They can also opt for a certified custodian, and they have the ability to invest in exchange-traded products (ETPs) too.
For the uninitiated, Oklahoma has recently enacted legislation safeguarding Bitcoin rights, enabling employees to be compensated with Bitcoin and merchants to accept it as a form of payment.
The state passed a new law called the Strategic Bitcoin Reservation Act, enabling them to allocate up to 10% of their funds’ total value into Bitcoin investments.
As an analyst, I find that while the specifics of cryptocurrency taxation are yet to be fully clarified, the overall legislative trend appears supportive towards crypto-related activities, such as mining.
Other nations to follow U.S. footsteps
Remarkably, Texas is emerging as a significant center for cryptocurrency activities. It exempts mining operations from taxes and welcomes data centers through its advantageous policies.
Currently, Oklahoma is enacting laws that encourage Bitcoin usage, including the Strategic Bitcoin Reserve Act. This act allows state finances to be invested in Bitcoin.
Worldwide, countries such as Switzerland, Vancouver (Canada), Ohio (USA), China, and Russia are investigating the possibility of incorporating Bitcoin into their monetary holdings, which suggests an expanding global movement toward digital currencies.
Despite data from Polyamarket suggesting that just 36% expect Trump to set up a Bitcoin reserve within his initial hundred days, the outlook for Bitcoin reserves in the U.S. continues to be unclear.
Even though only 36% of people think Trump will create a Bitcoin reserve soon, it’s still not clear if there will be one in the U.S.
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2025-01-16 23:04