Michigan has officially entered the race to establish a Bitcoin strategic reserve. Lawmakers introduced a bill that, if passed, would allow the state to invest in Bitcoin using public funds. This measure makes Michigan the 20th U.S. state to consider such legislation.
Rep. Bryan Posthumus, a key supporter, believes Michigan should follow in the footsteps of Texas in conducting cryptocurrency policy. The bill would allow the state treasurer to allocate up to 10% of general and economic stabilization funds to Bitcoin. While details on specific cryptocurrencies remain unclear, Bitcoin remains the top priority. This push indicates a growing acceptance of digital assets in state financial planning.
Supporters argue that a Bitcoin reserve could boost Michigan’s financial stability. By holding Bitcoin, the state can benefit from long-term price appreciation and protect against inflation. Additionally, the bill includes a provision to lend Bitcoin for additional profits. This strategy mirrors investment tactics used by major financial institutions.
