📝Massachusetts Introduces Bitcoin Strategic Reserve Legislation, A Super Signal for Cryptocurrency Going Mainstream?
Massachusetts is going to establish a strategic Bitcoin reserve! Yes, you heard it right, that 'deep blue state' predominantly led by the Democrats is surprisingly taking the lead in Bitcoin reserves! This is simply astonishing!
Senator Peter Durant of Massachusetts has proposed a bill to create a strategic Bitcoin reserve fund for the state. This fund will be managed by the state treasurer, and its funding will come from idle funds that are unused, unrestricted, and uncommitted.
However, the cap for this fund cannot exceed 10% of the total state stabilization fund. Currently, the state stabilization fund has $9 billion, so approximately $90 million will be allocated for buying Bitcoin and other cryptocurrencies. Doesn’t that sound cool?
Moreover, the bill stipulates that once the state government acquires Bitcoin and other crypto assets, they can lend them out as a way to increase revenue, as long as it doesn’t increase the state’s financial risk. This is essentially treating Bitcoin as a new financial instrument!
However, State Treasurer Deb Goldberg has yet to weigh in, and it’s uncertain whether she will support this bold plan.
Speaking of which, not only Massachusetts, but Hong Kong, Germany, and Texas are also exploring the establishment of Bitcoin reserves. Hong Kong already has a Bitcoin ETF, attracting many institutional investors. Germany is also considering collaborating with the European Central Bank and the German Central Bank to include Bitcoin in their reserves. Texas has also proposed similar legislation, claiming it is to stabilize the economy and curb inflation.
It seems that Bitcoin is truly set to become a new main character on the global financial stage! Do you think this bill in Massachusetts will pass? Will Bitcoin as a reserve asset become a new trend in the future? Share your thoughts in the comments section!
