Bitcoin (BTC) Frenzy sweeps across the United States after Donald Trump’s victory in the November presidential election, where Kentucky became the latest state to introduce legislation aimed at establishing a Bitcoin reserve.
Kentucky joins the Bitcoin Reserve Club
Kentucky has become the 16th US state to introduce legislation that is trying to create a Bitcoin reserve. Introduced by state representative Theodore Joseph Roberts, The Bill, entitled HB376Suggests that the State Investment Commission may assign up to 10% of surplus reserves to Cryptocurrencies. The bill says:
The total amount for excess cash invested in accordance with section (9), (L) and (M) in this section may not exceed ten percent (10%) of the total amount of cash invested in accordance with section (9) in this section.
Although the bill does not explicitly mention Bitcoin, its definition of justified digital assets ensures that only BTC would qualify. According to the bill, all digital assets included in the reserve must have a market capitalization that exceeds $ 750 billion and cannot be a StableCoin.
As of today, BTC is the only Cryptocurrency that meets these criteria, with a total market capitalization of over $ 1.9 trillion at the time of writing. However, the second largest Cryptocurrency, Ethereum (ETH), has a market value of approximately $ 334 billion.
With this legislation, Kentucky joins a growing list of states that conduct similar Bitcoin Reserve Initiatives. Other states that have introduced comparable bills include Arizona, AlbamaThe FloridaThe MassachusettsMissouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas and Wyoming.
Despite many proposals, however, none of these bills have been implemented so far. Wyomings WyHB201 bill failed to approve a committee vote, while North Dakota’s ND HB1184 bill was voted down in the Chamber.
Conversely, Utah’s HB230 bill has successfully passed the chamber and advanced to the Senate and highlighted the first Bitcoin reserve proposal to clear a chamber vote. Whether it will pass the Senate remains to be seen.
Can National BTC Reserve be next?
Globally, more countries are considering the establishment of strategic BTC reserves, adapting to a new Report Suggest that the nation state’s adoption will drive the next phase of Cryptocurrency expansion.
For example, the Crypto Czar David sacks recently abandoned that the federal government is exploration the feasibility of a national BTC reserve. Similarly, Brazil is Considering Adding BTC to its national tax chamber to diversify financial holdings.
While countries such as ELSALVADOR and Bhutan Has already collected significant bitcoin reserves. At press time, BTC is $ 99,620, an increase of 1.5% over the past 24 hours.
Featured image from unsplash.com, charts from bitcoinlaws and tradingview.com
