Maryland Eyes Bitcoin Reserve
Maryland is considering a groundbreaking move into the world of cryptocurrency. Delegate Caylin Young has introduced the "Strategic Bitcoin Reserve Act of Maryland," a bill proposing the creation of a state Bitcoin reserve fund. This fund would utilize money seized from gambling violations to purchase Bitcoin (BTC).
Growing Trend in State-Level Crypto Adoption
Maryland's initiative is part of a broader trend among U.S. states exploring the inclusion of digital assets in their financial strategies. This reflects a growing recognition of Bitcoin's potential as a store of value and a diversification tool for public funds.
The bill allows the state treasurer to invest funds obtained through gambling law enforcement into Bitcoin. This move positions Maryland alongside other states actively considering similar Bitcoin reserve bills.
National Interest in Bitcoin Reserves
This state-level activity mirrors national conversations surrounding cryptocurrency. Reports suggest that federal bodies are evaluating the feasibility of a national Bitcoin reserve, underscoring the increasing acceptance of digital assets in government financial planning.
Several states are actively engaging in discussions, legislative proposals, or direct investments in digital assets. Examples include Michigan and Wisconsin, which have invested state retirement funds in Bitcoin exchange-traded funds (ETFs).
- New Mexico recently introduced Senate Bill 57 (SB57), proposing to allocate 5% of public funds to a Bitcoin reserve.
- Utah has passed a bill allowing the state treasurer to invest in select cryptocurrencies, including Bitcoin, pending Senate approval.
- Kentucky has introduced KY HB376, which would allow the State Investment Commission to allocate up to 10% of excess state reserves into Bitcoin and other digital assets.
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Disclaimer: This information is for educational purposes only and should not be considered financial advice. Conduct thorough research and consult with a financial advisor before making any investment decisions.