Oklahoma became the latest state to formally consider establishing a strategic Bitcoin reserve on Wednesday, following the lead of President-elect Donald Trump’s assertion that the federal government should create a similar stockpile.
Cody Maynard, a Republican member of Oklahoma’s House of Representatives, put forth legislation today that, if approved this upcoming session, would allow state savings accounts and pension funds to invest in digital assets like Bitcoin beginning in November.
The bill allows for Oklahoma’s state treasurer to invest public funds in any digital asset that has averaged greater than a $500 billion market capitalization over the previous calendar year. Currently, only Bitcoin—which boasts a market cap of $1.97 trillion—meets that requirement. The next-closest cryptocurrency, Ethereum, sits at a $410 billion valuation at writing.
United States of Bitcoin? These States Are Considering BTC Reserves
Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury. And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit. So far, nine states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same. Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work Here's...
The bill also permits Oklahoma’s treasurer to purchase asset-backed stablecoins. At no time, however, could the cumulative sum of digital assets held by a state-associated account exceed 10% of the total amount of public funds in said account.
An announcement of the new legislation released Wednesday explicitly tied it to “President Trump’s vision for digital assets and financial stability.” As far back as July, Trump committed on the presidential campaign trail to establishing a federal Bitcoin stockpile intended to diversify the United States’ federal reserve.
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“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Rep. Maynard said in a statement. “As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
Oklahoma is now the sixth state poised to soon consider whether it should establish its own Bitcoin reserves.
Since November’s election, legislators in Texas, Pennsylvania, Ohio, and New Hampshire, have also proposed legislation with similar language to the bill put forth by Rep. Maynard today, while North Dakota last week introduced a resolution ahead of a potential bill.
Edited by Andrew Hayward
