More than a dozen US states is considering implementing a fiscal policy that would have been unthinkable for only a few years: maintaining a Bitcoin Strategic Reserve.
Here is the idea: an individual state buys a defined number of bitcoins to diversify their assets and act as a inflation protection. But some fear that the new trend is just an attempt to capitalize on the new political power of cryptocurrencyand that this can lead to disastrous consequences in the future.
Some state -level politicians have been discussing bitcoin reserves seriously since November, when the president Donald Trump It signaled its support to a Bitcoin National Reserve, driven by the increase in cryptocurrency prices in recent months. But the idea became more serious when Trump signed an executive order last week, bringing together a group of government officials to explore the creation of such a national stock.
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Montana e Dakota do on They are the latest states to enter the cryptocurrency dispute. Earlier this week, the Republican State Representative of Dakota do Sul, Logan Manhart, announced at X that he plans to present a bill that would establish a Bitcoin stock in the state. “Now it’s one of the few chances the government has to be proactive,” wrote Manhart. “Let’s have this conversation!”
Bitcoin reserves in the states are still more fantasy than reality, but interest in the topic has become undeniable. Here is everything you need to know about the new trend of cryptocurrencies.
What is a bitcoin reserve?
A Bitcoin reserve would be a stock of cryptographic currencies owned and operated by the government, similar to gold or oil reserves.
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The concept of a National Reserve He gained strength for the first time last July, when then -presidential candidate Trump promised to allocate the 200,000 federal government bitcoins – acquired through seizures of criminal entities – to a “national strategic stock of Bitcoin”.
Since his election, Trump has reiterated his support for stock, generating a renewed interest in a Senate bill presented by the congressman WyomingCynthia Lummis last summer, which would direct the national government to buy 1 million bitcoins over five years.
At the state level, the Pennsylvania It was the first to introduce a Bitcoin Reserve Bill in November 2024, serving as an example to a series of other states in the hope that Trump would fulfill his promise to make the United States “the capital of the planet’s cryptocurrencies.”
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In total, fifteen states introduced or approved bills that seek to create Bitcoin reserves, including Alabama, Arizona, Florida, Kentucky, Massachusetts, Montana, New Hampshire, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, Utah e Wyoming.
Why do state governments want to do this?
Supporters argue that Bitcoin could potentially serve as a form for states diversify their financial portfolios. Bitcoin has also been traditionally seen as inflation protection, as its price fluctuates independently of most fiduciary currencies.
Zack Shapiro, chief policy of Bitcoin Policy Institute, a think tank Non -profit on cryptocurrency, he said that for these reasons Bitcoin could be an additional source of revenue.
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“Especially with the new administration seeking to contain federal government spending, including state initiatives, states need to look at their balance and budget and be much more careful about how wealth is stored and how resources are allocated,” he said.
What are the disadvantages?
Bitcoin is reputed to lose or earn thousands of dollars in hours and has gone through multiple falls in its brief history. This makes you a much more risky investment compared to things like actions or cash reserves.
This is why, despite the potential benefits, David Krause, finance professor at Marquette University, warns that there are many risks involved in states to invest public funds in Bitcoin or other cryptocurrencies.
“I can categorically say that this is the most volatile asset class I’ve ever seen”, Diz Krause.
How will states buy bitcoin?
Different states have different ideas of strategy, including the sale of other assets, the relocation of existing funds or the request for donations.
Legislators in Oklahoma, New Hampshire e Pennsylvania They proposed that their states allocate up to 10% of public funds – money currently used for government services and programs – to buy Bitcoin over a given period.
The legislators of Texas They proposed a bill that would allow residents to donate or pay taxes and government fees in Bitcoin, which the state would keep in a reserve for at least five years.
How would state reserves impact the price of Bitcoin?
It is likely that if states begin to establish Bitcoin reserves, their Price Increase dramatically. This is because the purchase of large amounts of Bitcoin by states over several years would decrease supply.
“Remember, there are only 21 million bitcoins that will be mined,” says Krause. “There are Bitcoin supporters who have it and want to create greater demand for it, because a limited offer with greater demand means prices go up.”
Is this an impossible dream, or will state bitcoin reserves become a reality?
If these bills are a passing fashion or a serious political movement is yet to be seen. But weird things have already happened.
“No more than 30 years that private capital seemed an absolutely crazy and innovative investment,” said Krause. “Now it’s part of all institutional portfolios.”
However, voters may hesitate to the idea that the government gets involved with cryptocurrencies, and legislators may face a difficult battle.
Ben Wiener, one of the founding members of the South Dakota Blockchain Institute, says that although he understands the argument in favor of a Bitcoin National Reserve, legislators will have to shape a reserve at such a way that it seems like a victory for everyone.
“It will be a difficult sale in Southern Dakota,” he said.
