In a significant development, Maryland State Delegate Caylin Young has introduced “Strategic Bitcoin Reserve Act of Maryland.” The latest move reflects a growing trend among U.S. states to diversify their financial assets into digital currencies, recognizing Bitcoin’s potential as both an investment and a hedge against inflation.
Notably, Maryland is proposing to create a Bitcoin Reserve Fund, which would be used as a reserve asset for the state by investing in Bitcoin. Additionally, it would allow the State Treasurer to invest funds obtained from enforcing certain gambling violations into Bitcoin.
Growing Trend of State-Level Crypto Adoption
Recently, Kentucky introduced a Bitcoin reserve bill, showing increasing adoption of digital assets at the state level. On February 6, Kentucky State Representative Theodore Joseph Roberts introduced the bill KY HB376. If approved, the bill would allow the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin.
Kentucky becomes the 16th US state to introduce Bitcoin reserve legislation, joining Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming. Also, Kentucky’s bill follows Illinois’ announcement just a week earlier, where the state proposed a Bitcoin reserve bill with a minimum BTC holding strategy of five years.
Besides, recently, Missouri Representative Ben Keathley introduced House Bill 1217, which proposes the creation of a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio.
A Revolutionary Shift In US’ Approach
The wave of Bitcoin reserve legislation sweeping across U.S. states is a sign of how rapidly digital assets are gaining mainstream acceptance. As more states join the trend, this could be the start of a revolutionary shift in how U.S. states approach financial stability and innovation. The future of state finances is looking more digital than ever!
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