🔥 This Bill named HB230 "Blockchain and Digital Innovation Amendments" was approved by the House of Representatives and now must pass through the UTAH Senate and be approved by the Governor to become Law.
🚨IMPORTANT POINTS:
🔥The Project proposes to allocate up to 5% of UTAH's Public Funds to Bitcoin and other cryptocurrencies.
🔥Eligible cryptocurrencies must have maintained a market capitalization of over $500 billion for at least one year.
Here things get interesting, currently Bitcoin is the only digital asset that meets this requirement.
The Market Capitalization of Ether briefly surpassed $500 billion in 2021, but only maintained above this margin intermittently between October and December 2021.
🔥The Treasurer is authorized to participate in cryptocurrency staking and digital coin lending.
Another interesting point since Bitcoin cannot be staked directly. This suggests Ether and other proof-of-stake cryptocurrencies that could be included in the future.
🚨 Implications of the Law:
🔥UTAH could be the first State in the USA to adopt a Bitcoin Reserve.
🔥This Law would modify Financial Reserves and promote technological Innovation.
🔥Increases the legitimacy of Bitcoin on a global scale.
🚨The Detractors:
These indicate that Strategic Bitcoin Reserves cannot curb inflation due to the characteristic volatility of the asset, uncertainty, and long-term risks.
🚨🚨 ATTENTION 🚨🚨
🔥IF THE PROJECT IS APPROVED, THE LAW WOULD COME INTO EFFECT ON MAY 7!!!
PENDING MY PEOPLE!!!
