Oklahoma Advances Bitcoin Reserve Bill Amidst Price Decline of BTC
Oklahoma’s House Bill 1203, allowing the state to invest public funds in Bitcoin, has passed the State House Committee with a vote of 12 to 2. This comes as Bitcoin’s price fell below $90,000, marking volatility in the cryptocurrency market. Oklahoma is among 25 states exploring Bitcoin reserve legislation, indicating growing support for cryptocurrencies in public finance.
The Oklahoma State House voted in favor of a Strategic Bitcoin Reserve Bill, known as House Bill 1203, despite the recent plunge of Bitcoin (BTC) below $90,000. The bill allows the state to invest 10% of its public funds into Bitcoin or other digital assets valued over $500 billion. It successfully passed the committee stage with a vote of 12 to 2 and will proceed to the full House for consideration.
Dennis Porter, founder and CEO of the Satoshi Act Fund, announced the bill’s advancement and thanked Rep. Cody Maynard for his leadership in carrying the bill forward. This development comes at a time when Bitcoin has experienced significant volatility, recently falling below $90,000, which marks its lowest point since November 2024, with a subsequent slight recovery to $89,236.
Oklahoma joins at least 25 U.S. states pursuing similar Bitcoin reserve legislation, indicating a growing interest in integrating cryptocurrency into public financial strategies. Of these, 18 states’ proposals remain pending, with two still under consideration, while five have been rejected. Earlier in January, Oklahoma introduced another related bill allowing payments in Bitcoin for workers and businesses, further illustrating the state’s engagement with digital currency.
In conclusion, Oklahoma’s advancement of the Strategic Bitcoin Reserve Bill amidst the recent decline in Bitcoin’s value highlights a significant step toward integrating cryptocurrency into state finance. The bill’s passage through the State House Committee reflects ongoing legislative interest in establishing Bitcoin reserves. As more states explore similar initiatives, the landscape of cryptocurrency adoption in governmental financial systems continues to evolve.
Original Source: crypto.news
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