Multiple States Propose Bitcoin Reserve Legislation

Several U.S. states are moving towards integrating Bitcoin into their fiscal strategies by establishing strategic Bitcoin reserves. Florida has proposed a bill allowing the state CFO to invest up to 10% of state funds in Bitcoin as a hedge against inflation. Maryland and Kentucky have introduced similar legislation, with Kentucky being the 16th state to do so, allowing up to 10% of excess state reserves in digital assets. Utah recently passed a bill in the House authorizing up to 5% of public funds in digital assets, pending Senate approval. This legislation aligns with a broader trend where states like Arizona and New Mexico are considering similar Bitcoin reserve bills, highlighting the growing acceptance of Bitcoin as a legitimate asset class. Utah's legislative move has already impacted cryptocurrency trading, causing Bitcoin's price to surge and increasing trading volumes for Ethereum and Litecoin.