A fresh legislative proposal for establishing Bitcoin as a strategic reserve asset has been ushered into the Oklahoma House of Representatives on January 15. Representative Cody Maynard was the face behind the initiative, designed to shield Oklahoman pension funds and state savings from inflation through partial allocation to Bitcoin.
“Bitcoin stands for freedom from the depreciative practices of bureaucrats who erode our purchasing power,” stated Rep. Maynard. He added that Bitcoin, a decentralized currency, is immune to manipulation or overproduction by government bodies. This makes it an ideal store of worth for the proponents of financial independence and the philosophy of sound money. With the digital asset’s growing acceptance in the mainstream and institutions, several states are now actively considering establishing Bitcoin strategic reserves.
In November 2024, Pennsylvania proposed a Bitcoin strategic reserve that would permit the State Treasury to commit up to 10% of its assets to Bitcoin. State Representative Mike Cabell advocated this diversification, similar to practices followed by private asset managing giants like BlackRock and Fidelity. These corporations use Bitcoin to buffer their investments against macroeconomic risks.
In December, Texas saw the introduction of the Texas Strategic Bitcoin Reserve Act filed by state lawmaker Giovanni Capriglione. Capriglione suggested that the Texas chief financial official should hold Bitcoin as a reserve asset for a five year period. This approach was soon mirrored by North Dakota and New Hampshire each introducing Bitcoin strategic reserve bills on January 10.
Interestingly, the New Hampshire bill employs the umbrella term ‘digital assets’, indicating a potential diversification into other cryptocurrencies besides Bitcoin. On the North Dakota bill, Dennis Porter, the co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, asserted that it already bears the support of 11 co-sponsors.