Bitcoin strategic reserve account introduced in Oklahoma
New legislation to establish bitcoin as a strategic reserve asset was introduced to the Oklahoma House of Representatives on January 15 by state representative Cody Maynard.
House Bill 1203, known as the Strategic Bitcoin Reserve Act, would allow Oklahoma pension funds and state savings accounts to allocate a portion of their assets to Bitcoin (BTC) to hedge against inflation.
Representative Maynard said, “Bitcoin represents freedom from bureaucrats who control our purchasing power. The state representative continued:
“As a decentralized form of money, Bitcoin cannot be manipulated or created by government entities. It is the ultimate store of value for those who believe in financial freedom and sound money principles.
Several US states have legislation pending to establish a Bitcoin strategic reserve, and several state pension funds have branched out into Bitcoin as the digital asset gains mainstream and institutional adoption.
Oklahoma Strategic Bitcoin Reserve Act. Source: Oklahoma House of Representatives
Related: Oklahoma Senator Introduces Bitcoin Freedom Act for BTC Payments
The Bitcoin Strategic Reserve proposal is emerging in various states.
Pennsylvania lawmakers proposed a Bitcoin Strategic Reserve in the state by November 2024, allowing the state treasury to invest up to 10% of its assets in Bitcoin.
State Representative Mike Cabell has argued that Pennsylvania should embrace the Bitcoin diversification employed by private sector asset managers such as BlackRock and Fidelity, which use Bitcoin to hedge their investments against macroeconomic risks.
Cabell added that bitcoin was a way to protect the government's purchasing power from inflation and to protect it during turbulent economic times.
In Texas, the Texas Strategic Bitcoin Reserve Act was introduced on December 12 by state legislator Giovanni Caprilion.
Capriglione proposed that the Texas Comptroller of Public Accounts — the state's chief financial authority — hold Bitcoin as a reserve asset for at least five years.
North Dakota and New Hampshire followed suit, both introducing Bitcoin strategic reserve accounts on January 10.
New Hampshire's bill uses the blanket term “digital assets” — a sign the state could expand its crypto holdings beyond bitcoin.
The North Dakota bill already has 11 co-founders, according to Dennis Porter, co-founder and CEO of Bitcoin advocacy group Satoshi Action Fund.
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