Catenaa, Friday, February 21, 2025 – Nearly 20 US states are considering legislation to add Bitcoin to their state reserves, potentially leading to $23 billion in cryptocurrency acquisitions.
If enacted, the proposals would legally mandate large Bitcoin purchases, fueling demand from state governments and pension funds.
North Dakota, however, is the only state to formally reject such a proposal. The stance of the rest of the 50 states is not yet fully known.
Several states have made significant legislative progress. Arizona’s Strategic Bitcoin Reserve Act (SB1025) has passed a Senate committee, allowing up to 10% of public funds to be allocated to Bitcoin. Florida is considering a $3 billion Bitcoin reserve plan, leveraging surplus and pension funds to hedge against inflation.
Kentucky’s HB376 proposes granting the State Investment Commission the authority to invest up to 10% of excess reserves in Bitcoin.
Meanwhile, Maryland has introduced legislation to fund its Bitcoin investments through proceeds from gambling violation enforcement. North Carolina ‘s bill would permit its treasurer to invest in qualified digital assets, potentially acquiring 41,040 BTC . Utah, the most advanced in this effort, has successfully moved its Bitcoin Reserve bill through the House, positioning the state to become the first to adopt such a reserve.
Other states, including Oklahoma, Texas, Ohio, and Wyoming, are in various stages of considering similar measures.
If these bills pass, institutional Bitcoin backing could increase significantly, as state pension funds may follow suit. Many of the proposals prioritize Bitcoin due to criteria limiting investments to digital assets with a market capitalization above $750 billion.
The combined initiatives could result in 247,000 BTC purchases, reinforcing Bitcoin’s adoption within government financial strategies.
