Financial Insights That Matter
During his election campaign in 2024, President Donald Trump pledged to establish a Bitcoin Reserve, sparking ongoing speculation about if and when the U.S. government might formally add Bitcoin to its asset holdings. Since then, the conversation around a federally backed Bitcoin Reserve has gained traction, particularly as some states have adopted more crypto-friendly policies.
While no definitive actions have been taken so far by the Trump administration, multiple state governments have shown interest in incorporating Bitcoin into their financial strategies.
Let’s take a look at which states are leading the charge and how they plan to approach a Bitcoin Reserve.
Utah could become the first U.S. state to create a Bitcoin reserve with legislation already being considered. On January 28, one of Utah’s house committees voted 8-1 in favor of a bill named the “Blockchain and Digital Innovation Amendments” that would allow the state to invest a portion of its public funds in Bitcoin and other cryptocurrencies. Utah’s interest in Bitcoin is not new, having had a digital asset task force in place since 2022, which allows for ongoing work on cryptocurrency policy.
Recently, Texas Lieutenant Governor Dan Patrick unveiled plans to establish a Bitcoin reserve in 2025, listing a “Texas Bitcoin Reserve” among his top 40 legislative priorities.
This initiative follows a similar effort by State Senator Charles Schwertner, who introduced legislation on Jan. 16. Schwertner wrote on X that a Texas Bitcoin Reserve would position the state as a leader in the digital economy, fostering growth and securing economic freedom.
Last month, the Arizona Senate Finance Committee approved the “Arizona Strategic Bitcoin Reserve Act” in a 5-2 vote, marking a significant step toward investing public funds in Bitcoin. Co-sponsored by State Senator Wendy Rogers and State Representative Jeff Weninger, the bill proposes allocating up to 10% of public funds — managed by the state treasurer and retirement systems — into Bitcoin and other cryptocurrencies.
Illinois is also working on a Bitcoin strategic reserve bill, aiming to position the cryptocurrency as a financial savings tool. The proposed House Bill 1844, introduced by State Representative John Cabello, seeks to create a strategic Bitcoin reserve as a special fund within the state treasury to hold Bitcoin as a financial asset.
A key feature of the bill is its mandated minimum five-year holding period. After this term, the state treasury would have the flexibility to transfer, sell, appropriate, or convert the Bitcoin into another cryptocurrency.
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