The Trump Effect? Oklahoma has joined a growing list of states proposing to use bitcoin as a strategic reserve asset. The bill was introduced in Oklahoma on Wednesday amid a growing national trend of states looking to capitalize on the cryptocurrency's comeback potential.
What happened: the bill, known as House Bill 1203 or the Strategic #Bitcoin Reserve Act, was introduced in the Oklahoma House of Representatives by Cody Maynard.
The bill would allow Oklahoma pension funds and savings accounts to redirect a portion of their assets into bitcoin, which is considered an inflation hedge.
The state treasurer announced that the average market value of $500 billion (about $55 trillion) to invest in #digital assets. Currently, only bitcoin, worth $1.97 trillion, meets this requirement.
Maynard said the assets will be managed responsibly to meet the requirements of fund managers, provide residents with a reliable income and protect their purchasing power from inflationary pressures.
Bitcoin represents freedom from the bureaucracy that prints our purchasing power. It is a symbol For those who believe in financial freedom and sound monetary principles, bitcoin is the ultimate store of value.
Why it matters: Oklahoma isn't the only state taking this initiative. In November 2024, Pennsylvania passed the Bitcoin Strategic Reserve Act, allowing up to 10% of the state treasury's $7 billion reserve to be invested in bitcoin. A month later, Texas introduced a similar bill, the 'Texas Bitcoin Strategic Reserve Act,' which proposed creating a special fund in the state treasury to hold bitcoin as a financial asset for at least five years.
Similarly, Ohio, North Dakota
Dennis Porter, founder of Satoshi Action Fund, a bitcoin advocacy organization that is helping draft these bills, said they are halfway to their goal of passing bitcoin reserve bills in 12 states.
Oklahoma became the sixth state to adopt a strategic bitcoin reserve policy, which, if passed into law, would allow the state to buy bitcoin.
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