Dear reader, it appears that the esteemed Missouri Representative Ben Keathley has a penchant for the dramatic, for he has introduced House Bill 1217, a most intriguing proposal to create a Bitcoin Strategic Reserve Fund. One can only imagine the gasps of delight from the cryptocurrency enthusiasts, as they envision the state’s investment portfolio diversifying like a debutante’s ball gown 🎀.
On the 6th of February, Keathley filed HB 1217, suggesting that the US state of Missouri should, in fact, hedge its bets against the inflationary woes of fiat currency by investing in Bitcoin (BTC). And, if this bill becomes law, the Missouri treasurer shall be granted the authority to receive, invest, and hold Bitcoin, all under the watchful eye of the state, of course 👀.
A Bitcoin Hodl Strategy Fit for a King (or a State Treasurer)
Keathley’s bill proposes the establishment of a Bitcoin Strategic Reserve Fund, to be overseen by the state treasurer, who shall collect Bitcoin via gifts and donations from governmental entities and Missouri residents. One can only imagine the generosity of the good people of Missouri, as they bestow their Bitcoins upon the state 🎁.
Furthermore, the bill requires all government entities in Missouri to accept cryptocurrency in approved uses, including taxes, fees, fines, and other eligible payments. However, payees shall be required to cover transaction fees, because, as we all know, there’s no such thing as a free lunch 🍔.
And, in a move that can only be described as a masterclass in long-term thinking, Keathley’s HB 1217 proposes a Bitcoin hodl strategy for the state:
“The treasurer shall store all Bitcoin collected under sub-section 2 of this section for a minimum of five years from the date that the Bitcoin enters the state’s custody.”
The Authority to Invest in Bitcoin: A License to Print Money (or Not)
The legislation would grant the Missouri state treasurer the authority to invest, purchase, and hold Bitcoin using state funds. One can only imagine the thrill of investing in a cryptocurrency that’s as volatile as a debutante’s temper 😱.
The proposed effective date for HB 1217 is set for August 28, subject to change, of course, because in the world of politics, nothing is ever set in stone 📆.
And, if you’re curious about Bitcoin reserves and sovereign wealth funds in the US, do check out CryptoMoon’s analysis. It’s a wild ride, full of twists and turns 🎢.
Missouri’s bill follows a similar initiative in Utah, where House Bill 230 advanced through the House on February 6 and is now heading to the Senate. One can only imagine the excitement of the Utah Representative Jordan Teuscher, as he introduced the bill on January 21 🎉.
As of February 7, 17 of the 50 US states have begun discussions on establishing Bitcoin strategic reserves, according to data from bitcoinlaws.io. It’s a Bitcoin bonanza, if you will 🎊.
Utah has made the most progress, standing just two steps away from the bill’s enactment. Other states considering similar legislation include Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota, among others. It’s a Bitcoin revolution, if you will 🤖.
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2025-02-07 11:24