States and Trump Consider Bitcoin Reserves

Coinbase CEO Brian Armstrong has proposed the U.S. establish a strategic Bitcoin reserve, a position supported by private meetings with President-elect Donald Trump. This idea has gained traction among several states, including Wyoming, Massachusetts, Oklahoma, and Texas, which are considering legislation to hold Bitcoin as part of their financial portfolios. Republican Senator Peter Durant of Massachusetts has put forward a bill to invest up to 10% of the state's rainy day fund in Bitcoin, marking a significant move for a traditionally Democratic state. Similarly, Oklahoma's House Bill 1203 proposes investing state funds in Bitcoin and other digital assets, with the aim of leveraging Bitcoin's long-term appreciation potential. These moves align with a broader trend of states adopting Bitcoin reserves following Trump's re-election, reflecting a shift towards integrating digital assets into public finance. As of now, 13 U.S. states are considering similar legislation, highlighting Bitcoin's growing acceptance as a strategic and financial asset.