In the United States, the state of Wyoming is planning to enact legislation for establishing a Strategic Bitcoin Reserves, following in the footsteps of multiple other states before the January 20th inauguration of President-elect Donald Trump.
In a January 17 blog post, Wyoming Senator Cynthia Lummis expressed that Wyoming has made its initial courageous move towards establishing a strategic Bitcoin reserve. This statement was made after the introduction of a bill titled “State Funds-investment in Bitcoin”, which, if approved, would enable Wyoming’s state funds to be invested in Bitcoin (BTC).
Lummis praises Wyoming Representative for Bitcoin push
Senator Lummis, a strong supporter of Bitcoin, commended Representative Jacob Wasserburger for proposing a bill that would enable long-term investment funds to include Bitcoin in their portfolios. This bill was introduced in July 2024.
Lummis stated, “Our progressive strategy is advantageous for our state as we pioneer financial advancements on a national scale.
The suggested legislation allows for the Wyoming state treasurer to consider investing a maximum of 3% from each fund – the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund – in Bitcoin. However, it’s important to note that this represents only a portion of these funds.
In other words, if the combined worth of Bitcoin investments within these funds exceeds the 3% threshold, the state treasurer is exempt from having to sell or decrease their holdings to adhere to these restrictions.
US states continue to further Bitcoin adoption
So far, bills proposing the establishment of a Strategic Bitcoin Reserve have been introduced in Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts.
The news emerges with increasing likelihood that Trump might create a strategic Bitcoin reserve upon his inauguration on January 20, sparking speculation in betting platforms like Kalshi and Polymarket.
The request was made mere days ago by Lummis, who wrote a letter to the U.S. Marshals Service on January 15, inquiring about the possible sale of 69,370 Bitcoins confiscated during the Silk Road asset forfeiture by the government.
As a crypto investor, I see Senator Lummis’ perspective that selling off the U.S. government’s Bitcoin holdings might be driven by political vengeance, rather than sound fiscal policy.
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2025-01-18 06:00