A bill proposing a strategic Bitcoin (CRYPTO: BTC) reserve was introduced in Oklahoma on Wednesday amid a growing nationwide trend of states looking to capitalize on the apex cryptocurrency’s return potential.
What Happened: The proposed legislation, known as House Bill 1203 or the Strategic Bitcoin Reserve Act, was introduced in the Oklahoma House of Representatives by Rep. Cody Maynard.
The bill would allow Oklahoma’s pension funds and state savings accounts to allocate a portion of their assets to Bitcoin, deemed a “hedge against inflation.
The State Treasurer could invest funds in any digital asset that has averaged $500 billion in market capitalization over the previous calendar year. Currently, only Bitcoin, valued at $1.97 trillion, satisfies this requirement.
Maynard stated that the assets would be managed responsibly to meet the demands of fund managers, generate reliable returns for residents, and protect purchasing power from inflationary pressures.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” the representative added. “It is the ultimate …
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