A bill proposing a strategic Bitcoin (CRYPTO: BTC) reserve was introduced in Oklahoma on Wednesday amid a growing nationwide trend of states looking to capitalize on the apex cryptocurrency’s return potential.
What Happened: The proposed legislation, known as House Bill 1203 or the Strategic Bitcoin Reserve Act, was introduced in the Oklahoma House of Representatives by Rep. Cody Maynard.
The bill would allow Oklahoma’s pension funds and state savings accounts to allocate a portion of their assets to Bitcoin, deemed a “hedge against inflation.
The State Treasurer could invest funds in any digital asset that has averaged $500 billion in market capitalization over the previous calendar year. Currently, only Bitcoin, valued at $1.97 trillion, satisfies this requirement.
Maynard stated that the assets would be managed responsibly to meet the demands of fund managers, generate reliable returns for residents, and protect purchasing power from inflationary pressures.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” the representative added. “It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Why It Matters: Oklahoma was not alone in this initiative. Several states have similar legislation pending, aiming to establish Bitcoin as a strategic reserve.
In November 2024, Pennsylvania introduced the Pennsylvania Bitcoin Strategic Reserve Act, which would authorize the state’s treasury to invest up to 10% of its $7 billion reserves into Bitcoin.
A month later, Texas introduced a similar bill, the Texas Strategic Bitcoin Reserve Act, proposing the establishment of a special fund in the state treasury to hold Bitcoin as a financial asset for a minimum period of five years.
Similarly, Ohio, North Dakota, and New Hampshire have introduced Bitcoin reserve bills.
Dennis Porter, founder of the Bitcoin advocacy group Satoshi Action Fund, which is helping formulate these bills, said that they were at the halfway mark to the goal of getting 12 states to introduce Bitcoin reserve legislation.
These moves by various states reflect a growing recognition of Bitcoin as a secure state asset and a hedge against inflation, aligning with Donald Trump’s pledge to establish a national Bitcoin stockpile.
Price Action: At the time of writing, Bitcoin was exchanging hands at $99,745.63, up 2.77% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
