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News

Strategic Bitcoin Reserves Are Now Being Actively Supported by US States

4 hours ago - Around 2 mins mins to read

Key Points:

  • Several U.S. states, including Texas, Pennsylvania, and Ohio, have proposed creating Strategic Bitcoin Reserves to strengthen local economies as Bitcoin’s value rises.
  • Former President Donald Trump announced plans to establish Bitcoin reserve buffer zones, positioning Bitcoin alongside traditional assets like gold.
According to CNBC, a Strategic Bitcoin Reserve has started to gain traction in the U.S., and a few states are considering setting it up once the leading cryptocurrency surges to an unprecedented value.
Strategic Bitcoin Reserves Are Now Being Actively Supported by US States

Read more: Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049 

US States Force for Creation of Strategic Bitcoin Reserves

Backers of digital assets said more states should take a similar move as Bitcoin would serve as a possible addition to traditional financial reserves.

So far, three states have led the pack. Texas State Representative Giovanni Capriglione proposed a bill last December to create a Bitcoin reserve. The Pennsylvania House of Representatives followed suit in November. Ohio Representative Derek Merrin issued his own proposal on December 17 for the creation of a Strategic Bitcoin Reserve.

Trump Champions Bitcoin as a Major Asset

The surge in interest reflects a broader push by policymakers to shore up local economies through novel financial strategies. Reserves are a hedge against economic instability, which also aligns with Bitcoin’s growing role as a digital store of value.

The movement has been overblown by former President Donald Trump and his allies, who announced the creation of Bitcoin reserve buffer zones within states on November 15, 2024. The effort by Trump to make. Bitcoin, a strategic asset alongside gold, is viewed in economic circles as gaining supporters and raising scepticism in equal measure.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.