Lawmakers in Oklahoma and Texas are pushing forward with proposals to create Bitcoin reserves, reflecting the rising acceptance of Bitcoin (BTC) in public finance. This trend is part of a larger movement as various US states explore the integration of Bitcoin into their financial frameworks.
In Texas, State Senator Charles Schwertner has introduced bill SB 778, which aims to designate Bitcoin as a reserve asset. This would enable the state to accept taxes, fees, and donations in BTC, enhancing Texas’s status as a financial leader. Schwertner stated on X (formerly Twitter) that it is time for Texas to lead in establishing a Strategic Bitcoin Reserve.
Oklahoma is also taking steps in this direction. Representative Cody Maynard has proposed the Strategic Bitcoin Reserve Act under House Bill 1203. This bill suggests investing part of the state’s pension funds and savings in Bitcoin, viewing it as a safeguard against inflation. Maynard referred to Bitcoin as “the ultimate store of value” for those who value financial freedom.
The movement is not limited to Texas and Oklahoma. In November 2024, Pennsylvania lawmakers proposed investing up to 10% of the state Treasury’s assets in Bitcoin, influenced by major asset managers like BlackRock and Fidelity. North Dakota and New Hampshire have also introduced similar Bitcoin reserve legislation, with New Hampshire’s bill mentioning “digital assets,” indicating interest in broader cryptocurrencies.
Currently, 13 US states are considering Bitcoin reserve bills, signaling a significant shift in public finance. This reflects a growing acknowledgment of Bitcoin as a valuable asset and a hedge against inflation.
Globally, countries like Japan, Switzerland, and Russia are examining ways to incorporate Bitcoin into their financial systems. Municipalities like Vancouver have already approved Bitcoin as part of their reserves. Asset management firm VanEck suggests that adopting Bitcoin reserves could significantly reduce the US national debt by 2025, showcasing the potential advantages of this strategy.
