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 taking steps towards creating Bitcoin reserves as part of its digital innovation agenda. A bill introduced by Texas Representative Giovanni Capriglione in December 2024 proposes the establishment of a strategic Bitcoin stockpile for the state. The proposal stipulates that the Bitcoin be stored in cold wallets for a minimum of five years and prohibits its use for transactions outside the state. Capriglione stated, “The strategic Bitcoin reserve demonstrates Texas’s commitment to innovation in cryptocurrencies and enhances the financial security of Texans.” Additionally, the bill allows the public to contribute to the state Bitcoin fund.
Similar initiatives are underway in other states. In November 2024, the Pennsylvania House of Representatives suggested 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, highlighting Bitcoin’s potential 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 proposed by Keith Ammon on January 10, 2025, suggests that New Hampshire invest in Bitcoin. The bill currently only considers Bitcoin due to its high market capitalization criteria, and it authorizes the state treasury to engage in staking or lending practices with Bitcoin. Ammon remarked, “The last state to establish a Bitcoin reserve will lose out. It is crucial to take action on this matter.”
Furthermore, a group of legislators in North Dakota introduced a bill on the same day, proposing the investment of selected state funds into cryptocurrencies. Although this bill does not specify a particular asset, it lays the foundation for a more comprehensive legislative draft in the future.
States in the U.S. that are aiming to establish Bitcoin reserves are embracing economic innovation to keep up with digital transformation and ensure long-term financial stability.
