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Oklahoma introduces bill to allocate 10% of state funds to Bitcoin

Oklahoma introduces bill to allocate 10% of state funds to Bitcoin

GrafaGrafa2025/01/16 12:00
By:Isaac Francis

A bill aimed at establishing Bitcoin (CRYPTO:BTC) as a strategic reserve asset was introduced in the Oklahoma House of Representatives on January 15 by Representative Cody Maynard.

The proposed legislation, known as House Bill 1203 or the Strategic Bitcoin Reserve Act, would permit Oklahoma's pension funds and state savings accounts to invest a portion of their assets in Bitcoin as a hedge against inflation.

“This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Maynard stated during the introduction of the act.

“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” he further emphasised, asserting its role as a decentralised form of currency that cannot be manipulated by government entities.

As Bitcoin gains traction among institutional investors, several states are considering similar legislation.

For instance, Pennsylvania has proposed allowing its Treasury to invest up to 10% of its assets in Bitcoin, with State Rep. Mike Cabell advocating for this diversification strategy used by private sector asset managers.

In Texas, the Texas Strategic Bitcoin Reserve Act was filed on December 12, proposing that the state’s chief financial official hold Bitcoin as a reserve asset for a minimum of five years.

North Dakota and New Hampshire have also introduced bills that signal a growing trend among states exploring digital asset reserves.

According to Dennis Porter, co-founder and CEO of the Bitcoin advocacy group Satoshi Action Fund, the North Dakota bill has already garnered support from 11 co-sponsors, highlighting the increasing legislative interest in Bitcoin as a viable financial asset.

At the time of reporting, the Bitcoin (BTC) price was $99,765.10.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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