- Wyoming and Massachusetts explore Bitcoin integration into state asset reserves with draft legislation.
- Polymarket predicts a 56% chance of a U.S. Bitcoin reserve in Trump’s first 100 days.
With more and more people adopting Bitcoin (BTC), a growing number of U.S. states are looking into adding it to their government’s investment portfolios.
States joining the Bitcoin Reserve race
In recent times, Wyoming and Massachusetts have become part of a group of states mulling over Bitcoin-related proposals. Draft bills concerning these digital currencies have been proposed by legislators in both states.
Come January 2025, it’s expected that at least 15 states will incorporate Bitcoin into their financial reserves. Prior to this, both Wyoming and Massachusetts, Texas and Oklahoma have presented bills enabling investments in stablecoins and leading digital currencies like Bitcoin.
Its impact on Wyoming
As an analyst, I’m excited about the potential future development where my state, Wyoming, may integrate Bitcoin into our state-administered investment portfolios, valued at approximately $30.8 billion in 2024. If this proposal is approved, we could be on the cutting edge of financial innovation.
The proposed legislation allows for the inclusion of Bitcoin within important funds like the General Fund, the Mineral Trust Fund, and the Land Fund.
Out of all these funds, the Permanent Wyoming Mineral Trust Fund stands out as the most substantial, boasting around $11.5 billion in assets. If this bill gets approved, Wyoming could potentially invest over $300 million into Bitcoin, a move that would represent a significant stride towards diversifying their financial reserves.
This endeavor has gained significant approval, with notable figures such as Senator Cynthia Lummis among its supporters.
Massachusetts’ Bitcoin bill
Similar to recent actions, Massachusetts Senator Peter Durant has proposed Senate Bill SD422, known as “The Bitcoin Strategic Reserve Act.
The suggested legislation allows the Massachusetts State Treasurer to put a maximum of 10% of yearly funds into the Commonwealth Stabilization Fund in Bitcoin or alternative digital currencies.
In 2024, the fund’s worth surpassed $8 billion. This plan suggests that the state might invest around $800 million into Bitcoin, thereby making Massachusetts one of the contemporary states considering the use of digital assets within their financial management plans.
Future of Bitcoin in the U.S.
According to the latest information from Polymarket, there’s approximately a 56% likelihood that President-elect Donald Trump might set up a Bitcoin reserve during his initial 100 days in office. This suggests a strong potential for this plan to materialize promptly.
Continuing to build on the growing enthusiasm, Brian Armstrong, CEO of Coinbase, voiced his endorsement for the plan and urged the establishment of an American strategic Bitcoin reserve.
Armstrong’s approval lends more credibility to the increasing demand for incorporating Bitcoin into the nation’s monetary system.
In a blog post on Coinbase, Armstrong stated:
“The next global arms race will be in the digital economy, not space.”
Way ahead
As an analyst, I find myself growing more hopeful within the cryptocurrency sphere regarding President Donald Trump’s prospective pro-cryptocurrency executive measures, especially those that could be enacted during his inaugural day in office.
As a researcher, I eagerly await potential developments such as the potential halt on cryptocurrency-related legal disputes and the creation of a Bitcoin Stability Reserve (SBR).
On January 17th, the probability of a U.S. Securities and Bond Rating (SBR) increase for Polymarket climbed to 44%, sparked by rumors that Trump was planning to establish a “national Bitcoin reserve” and elevate cryptocurrency as a significant national focus.
These advancements are fueling increasing excitement about Bitcoin’s potential impact on the country’s economic path forward.
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2025-01-20 16:40