Oklahoma has joined the list of states in the United States that are considering legislation to permit the state to hold Bitcoin as an asset. On Wednesday, State Representative Cody Maynard proposed the “Strategic Bitcoin Reserve Act” which is a major breakthrough in incorporating cryptocurrencies into state budgets.
The bill suggests the allocation of state money to acquire and store Bitcoin in state coffers with the purpose of securing people’s purchasing value. Maynard also focused on the positive aspect of Bitcoin as an independent currency which cannot be influenced by any party. “Bitcoin is freedom from central bankers who just print money,” Maynard said, emphasizing its position as an inflation shield.
An Emerging Tendency among the American States
More states are looking at the idea and Oklahoma is now the sixth US state to consider a Bitcoin reserve policy. The legislation comes against the backdrop of more and more state governments expressing interest in the cryptocurrency especially with the new President Donald Trump’s administration tipped to support Bitcoin.
Oklahoma bill is not an isolated event, as market expert Dennis Porter, the founder of the Satoshi Action Fund, noted in his recent post. At the moment, half of the 12 US states initially planned are considering similar policies as states search for new ways of shielding their economies from inflation.
Oklahoma becomes the 6th state to introduce ‘Strategic Bitcoin Reserve’ policy enabling the state to buy Bitcoin once passed into law.
That means we are now half way to our goal of achieving 12 states to introduce SBR bills.
Promises made. Promises kept. 🇺🇸 https://t.co/Pukr6s1Cpc
— Dennis Porter (@Dennis_Porter_) January 15, 2025
The Swiss National Bank, at the international level, is also under pressure to invest in Bitcoin, which again proves the increasing role that crypto currency is playing in the national and state budgets.
Details of the Strategic Bitcoin Reserve Act
The proposed legislation, House Bill 1203, seeks to permit Oklahoma’s state savings accounts and pension funds to invest in Bitcoin. It therefore seeks to provide a mechanism through which these investments are properly overseen so as to deliver good returns on capital employed, yet at the same time protect the funds from erosion through inflation.
– Advertisement –
Maynard termed the digital currency as the ‘ultimate store of value and said that the legislation is to ensure that the riches of Oklahoma residents are safe. This bill allows state funds to invest in Bitcoin and thus positions Oklahoma as a state that embraces good fiscal management and new age financial solutions.
This legislation also captures the view that the new forms of money like Bitcoin will be a central part of the future world economy. Thus OK prepares for this shift for being ahead of the curve in the rapidly developing digital sphere of finances.
Bitcoin News: Oklahoma Plans to Save in Bitcoin
This is happening as the crypto market expands with institutional investors and formal laws being developed to govern cryptos. The introduction of the Bitcoin Reserve Act is consistent with positive trends in demand for digital assets as an inflation hedge, which has been growing recently. In fact, Bitcoin news cycle seems to have turned positive as BTC price turns green.
There is the potential for the broader use of Bitcoin as a state reserve asset and its implications for state and national fiscal policies. Thus, by investing in cryptocurrencies, states can try new ways of preserving assets and maintaining the stability of their budgets.
It is expected to be discussed at the next legislative session, which starts on February 1. If the bill is approved, it will be a historic day for Oklahoma in terms of adopting Bitcoin within its fiscal strategies and policies, and may encourage other states to do the same.
