US embraces Bitcoin: 15 states plan strategic reserves

The financial landscape of the United States is undergoing a remarkable transformation, with 15 states actively exploring the creation of strategic reserves of Bitcoin . This groundbreaking initiative, which includes states such as Alabama, Arizona and Florida, signals a paradigm shift in the way state governments view cryptocurrencies and their potential role in the economy.

The news was reported by Eric Weiss, a board member at Core Scientific, a publicly traded company in the Bitcoin mining industry. In his post on X Platform, Weiss revealed that these 15 states are at various stages of planning and implementing their Bitcoin reserves. “The die is cast. Nation states, states, corporations, and individuals are clamoring to acquire Bitcoin,” wrote .

Source: Eric Weiss

Two states, Arizona and Utah, are particularly advanced in this process, awaiting approval from the White House and senators before their plans become law. If approved, Arizona and Utah would become the first US states to have strategic reserves of Bitcoin, a historic milestone for the cryptocurrency market and for the adoption of digital assets by governments.

The move by US states to create Bitcoin reserves raises several questions and implications. First, it demonstrates a growing recognition of Bitcoin’s potential as a valuable asset and a hedge against inflation. By diversifying their assets and including Bitcoin in their reserves, states are seeking to protect themselves against economic uncertainty and ensure long-term financial stability.

Furthermore, this move could boost government adoption of Bitcoin and attract investment into the cryptocurrency sector. The recognition of Bitcoin as a legitimate asset by states could encourage other government entities and private companies to consider including cryptocurrencies in their reserves and investment portfolios.

At the time of publication, the price of Bitcoin was quoted at US$101.959, up 2.5% in the last 24 hours.

Proposals in Illinois and Indiana Target Bitcoin Purchases for State Reserves

The states of Illinois and Indiana are advancing with innovative legislation aimed at creating strategic Bitcoin reserves. This initiative points to a new era in which state governments recognize the potential of cryptocurrencies as investment and economic protection tools.

In Illinois, state representative John M. Cabello took the lead by introducing Bill 1844, called the “Strategic Bitcoin Reserve Act.” The bill aims to integrate Bitcoin into the state’s financial arsenal by treating it as a decentralized asset with a limited supply that can serve as a safeguard against inflation and economic uncertainty.