- Oklahoma House passes Bitcoin reserve bill with 77-15 votes.
- Bill allows investment of up to 10% in digital assets.
- Influences potential similar legislation in other U.S. states.
The Oklahoma House of Representatives decisively approved HB1203, the Strategic Bitcoin Reserve Act, with 77 votes in favor and 15 against. The bill’s passage underscores a growing trend toward integrating Bitcoin into state reserves, potentially prompting other states to adopt similar measures.
Oklahoma Allocates 10% of Public Funds to Bitcoin
Oklahoma takes a decisive step with the passage of the Strategic Bitcoin Reserve Act, allocating up to 10% of public funds for Bitcoin investment. Representative Cody Maynard, the bill’s primary sponsor, emphasized Bitcoin’s role in financial autonomy. Highlighting freedom from inflationary pressures, Maynard noted Bitcoin’s decentralization as advantageous for preserving value. “Bitcoin represents freedom from bureaucrats printing away our purchasing power. 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.” The bill requires additional staffing for management and oversight, presenting a fiscal impact with initial estimates at $210,000. Concerns about volatility are voiced by critics like Representative Steven Kelly, but the bill has spurred interest across multiple states. Influential figures like Dennis Porter have publicly supported the initiative, citing leadership and forward-thinking policy.
Bitcoin Market and State Legislation Dynamics
Oklahoma joins Texas, Arizona, and Utah, states pioneering Bitcoin reserves, showcasing regional momentum in embracing decentralized digital assets.
Bitcoin is trading at $87,652.59 with a market cap of $1.74 trillion as of the latest data from CoinMarketCap. The asset exhibits a 1.70% increase over 24 hours and a notable 4.67% rise over the last seven days. Trading volume surged with an impressive change of 145.97%, reflecting heightened market activity. Circulating supply stands at 19,841,525 out of a maximum of 21 million.
Experts caution on market stability, with Nic Carter highlighting potential impacts on dollar stability. Historical trends suggest mixed reactions, yet the enactment of state-level strategic reserves could bolster Bitcoin’s value proposition, reshaping traditional reserve strategies.
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