Oklahoma and Texas Propose Bitcoin Reserves in Public Finance

Oklahoma and Texas Propose Bitcoin Reserves in Public Finance

By Jakub Lazurek

16 Jan 2025 (22 days ago)

2 min read

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Oklahoma and Texas propose Bitcoin reserve bills, aiming to integrate BTC into state finances as a hedge against inflation and a strategic asset.

Lawmakers in Oklahoma and Texas are advancing proposals to establish Bitcoin reserves, highlighting the increasing adoption of BTC in public finance. These initiatives align with a broader trend as multiple US states consider incorporating Bitcoin into their financial strategies.

In Texas, State Senator Charles Schwertner introduced a bill, SB 778, aiming to make Bitcoin a reserve asset. This would allow the state to collect taxes, fees, and donations in BTC, leveraging its position as a financial leader. Schwertner emphasized the significance of the move, stating on X (formerly Twitter), “It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve.”

Oklahoma is following suit, with Representative Cody Maynard proposing the Strategic Bitcoin Reserve Act under House Bill 1203. The bill suggests allocating a portion of the state’s pension funds and savings accounts to Bitcoin, positioning it as a hedge against inflation. Maynard described Bitcoin as “the ultimate store of value for those who believe in financial freedom and sound money principles.”

The trend extends beyond Texas and Oklahoma. In November 2024, Pennsylvania lawmakers proposed investing up to 10% of the state Treasury’s assets in Bitcoin, inspired by private asset managers like BlackRock and Fidelity. Recently, North Dakota and New Hampshire joined this movement, introducing their own Bitcoin reserve legislation. New Hampshire’s bill even uses broader language, referring to “digital assets,” signaling potential interest in cryptocurrencies beyond Bitcoin.

Currently, 13 US states are considering Bitcoin reserve bills, marking a major shift in public finance strategies. The momentum reflects growing recognition of Bitcoin as a store of value and a hedge against inflation, offering financial security amidst economic uncertainty.

Globally, the push for Bitcoin reserves is gaining traction. Countries like Japan, Switzerland, and Russia are exploring ways to integrate BTC into their financial systems. Municipal governments, such as Vancouver, have already approved Bitcoin as part of their reserves. Asset management firm VanEck predicts that widespread adoption of Bitcoin reserves could reduce the US national debt by 36% by 2025, highlighting the potential benefits of this strategy.

As Bitcoin’s role in public finance continues to expand, states like Texas and Oklahoma are positioning themselves as leaders in the adoption of digital assets. These developments underscore the growing importance of cryptocurrencies in strengthening financial resilience at both state and global levels.

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