At least 16 US states have already introduced Bitcoin reserve legislation. All of these legislative initiatives, of course, follow the promises made by Donald Trump regarding a national BTC reserve in 2024. However, little of this has been implemented so far.
When will the American Strategic Bitcoin Reserve come?
Donald Trump’s only concrete action in this area was the establishment of a crypto working group to study the feasibility of a national BTC reserve as a priority.
While Trump’s vision of a BTC reserve has yet to develop, US states are not waiting for him. They are taking inspiration from El Salvador’s success and are independently introducing laws to allow the purchase of Bitcoin.
Meanwhile, 16 states are considering adopting Bitcoin as part of their reserves. In states like Arizona and Utah, the proposed legislation has already cleared the first hurdles, meaning that a Bitcoin reserve at the state level is getting closer and closer.
Despite a wave of positive news, BTC has so far failed to start the new year with momentum. With Donald Trump, the USA may have a pro-Bitcoin president, but the price has failed to break above the $100,000 mark.
Bitcoin is taken seriously
While the market seems to be disappointed with the first few weeks of Donald Trump’s presidency, the US states are slowly getting serious.
It will be interesting to see how the BTC price reacts to the passing of the first reserve laws at the state level. Basically, this is a signal to the market that significant sums could be invested and that BTC is becoming more integrated into the economy and society.
Some states, like Arizona, would be allowed to invest up to 10% of public funds in BTC under the current proposals. This could theoretically set off a domino effect with other states following suit.
If some of the “big players” take the lead, the rest might fear being left behind. At least, this has always been the game theory consideration that BTC supporters have associated with the digital currency.
