Interest in Bitcoin (BTC) in the United States is not limited to individual investors. Several states are considering establishing Bitcoin reserves to support financial innovation and diversify their economies. Texas, Pennsylvania, Ohio, New Hampshire, and North Dakota are among the states exploring this possibility.
Texas is aiming to promote its interest in digital innovation by creating a Bitcoin reserve. In December 2024, Texas Representative Giovanni Capriglione introduced a bill proposing the establishment of a strategic Bitcoin stockpile for the state. According to the proposal, the Bitcoin would be stored in cold wallets for a minimum of five years and cannot be used for transactions outside of the state.
Capriglione stated, “The strategic Bitcoin reserve demonstrates Texas’s commitment to innovation in cryptocurrencies and enhances the financial security of Texans.” The bill also allows the public to donate to the state Bitcoin fund.
Other states have similar initiatives. In November 2024, the Pennsylvania House of Representatives introduced a bill recommending that the state allocate 10% of its General Fund, Rainy Day Fund, and Investment Fund to purchase Bitcoin. This proposal anticipates an investment of approximately $1 billion in BTC, supporting the belief that Bitcoin can serve as a hedge against inflation.
On December 17, 2024, Ohio Representative Derek Merrin introduced a bill envisioning a strategic Bitcoin reserve for the state. This bill grants the state treasury the authority to acquire Bitcoin, emphasizing the importance of Ohio embracing technology and safeguarding tax revenues from depreciation.
A bill introduced by Keith Ammon on January 10, 2025, proposes that New Hampshire invest in Bitcoin. Currently, the bill only considers Bitcoin suitable due to its high market capitalization criteria. It also authorizes the state treasury to engage in staking or lending practices with Bitcoin. Ammon commented, “The last state to establish a Bitcoin reserve will lose out. It is crucial to take action on this.”
Furthermore, a group of legislators in North Dakota proposed a bill on the same day, suggesting the investment of selected state funds into cryptocurrencies. Although this proposal does not specify a particular asset, it may lay the foundation for a more detailed legislative draft in the future.
By creating Bitcoin reserves, states in the U.S. are embracing economic innovation to keep up with digital transformation and ensure long-term financial stability.