The state of Utah in the United States proposed a bill seeking to let the state invest public funds into digital assets.
The state located in the Western Part of the country joins the growing list of states in the US looking to set up a Bitcoin reserve or invest funds into crypto.
The Bill sponsored by Jordan Teuscher is called HB230 and it seeks to let the state invest public funds in digital assets.
The development was announced by Dennis Porter, the CEO and founder of the Satoshi Act Fund sparking a reaction from the Global crypto community.
Jordan Teuscher the state’s legislator reacted to the announcement stating that Utah is going to be the first state to get its pro-crypto bill approved despite being the 11th to submit a bill.
Many states in the United States are coming onboard the crypto train looking to either set up a strategic Bitcoin reserve or invest public funds in digital assets.
The development is spurred by a wave of optimism following Donald Trump’s election victory and now new administration. The administration is perceived to be heavily Pro Crypto and Trump proved that correct by assembling several crypto-inclined individuals to serve in his administration.
US States turn to Crypto
Several U.S. states are actively considering or have initiated steps to adopt cryptocurrencies, particularly Bitcoin, as part of their financial strategies.
This movement follows a bigger national discourse on integrating digital assets into traditional financial systems. Some of the states are looking to set up Bitcoin Reserves, while the rest are trying to invest public funds in digital assets.
States Exploring Bitcoin Reserves and Crypto Investment include :
- Wisconsin:
- Michigan:
- New Jersey:
- Pennsylvania
- Arizona:
- North Dakota
- Texas
- Utah
- Alabama
Besides states in the US, countries are also looking to set up reserves and make crypto investments.
The prime minister of Malaysia recently disclosed in a forum in Dubai that he was looking to get the country onboard.
He discussed with functionaries of the UAE government and former CEO of Binance Changpeng Zhao how best to onboard Malaysia into the Crypto space.
Donald Trump was inaugurated into the white house yesterday in an indoor inaugural ceremony. The two-time US president made no mention of Bitcoin or a reserve in his speech.
