Strategic on a federal scale Bitcoin $89,051.77 He announced his proposal for the reserve period during the election campaign. At the 2024 Bitcoin conference, Trump also attended the historical hours. Trump held some of his promises on crypto after he took office. So what happened to the strategic Bitcoin reserve?
US Bitcoin (BTC) reserve
BitcoinThe United States has not yet begun to use it as a reserve asset. There are states and steps taken at the federal level. The 25 states, which correspond to half of all states, are mobilized for the Bitcoin reserve law. Some of them are in preparation and some of them continue.
The recognition of the BTC as a reserve asset on the US front will open a gateway to a great transformation on a global scale. Even today, Czech Central Bank is investigating the issue of adding BTC to reserves. Japan is again discussing these issues.
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Bitcoin reserve latest situation
Montana, North Dakota, South Dakota and Ohio rejected the Bitcoin reserve bill throughout the state. What I drew attention to in the evaluations in January was the fact that Trump needed to persuade the contents because he won the majority of parliament and senate with his party. We have seen that many Republican votes in the voting around the state -wide vote, which shows that this issue did not get a complete consensus for the party. Therefore, as we have seen in the state examples of such a step in the federal scale, it has become difficult because Republicans have to support the laws without any fire.
It is noteworthy that all four states (Montana, North Dakota, South Dakota and Ohio) reject the reserve law bill are republican red states. In particular, Ohio is the state of Cynthia Lummis, a federal senator and the leading advocate of the National Bitcoin reserve bill.
The Bitcoin reserve law, even though in the state -of -state, must exceed three stages.
- General Assembly vote after the examination and vote in the Special Committee of the House of Representatives.
- The General Senate vote after the Senate Committee review and committee voting.
- The signature of the Governor or the President of the Federal Scale for the entry into force of the bill.
This is how the state and the federal scale were moving and the bill of Montana and the North Dakota parliamentary vote was rejected. So at the end of the first stage, the rejection came. Ohio and South Dakota rejected the proposal at the stage of the Specialization Committee without even reaching the official Assembly vote stage.
The example of Ohio explains why the story of Bitcoin reserve is power. Patrick Fleming, a member of the specialized committee and the chief investment manager of the state treasury, is known for his crypto -friendly stance, although he has voted for rejection. His defense was as follows;
“Bitcoin It has been one of the best investments in the last decade. This is just a leap. However, when you look at the volatility, as in 2021, 77 %fell, which is exactly what we don’t want to see in our investment portfolio. ”
This is what Bitcoin faces through federal and states. Crypto -friendly Even names are concerned about the risk of volatility here, while Republicans who are not crypto -friendly and democrats have the power to make a rejection decision in the Senate and Assemblies.
Patrick Fleming believes in Bitcoin, but as a state investment officer, BTC’s excessive volaility is not currently suitable for government financial investments.
Well, there is no good news? Utah is one of the best examples. Here the parliamentary vote passed the house Senate committee review was completed. Arizona and Oklahoma are still in the vote of the House of Representatives. Oklahoma’s vote is expected to give results in a short time.
If we see progress in the coming days such as Utah, Oklahoma and Arizona, this good news (how it affects the rejection of 4 states negatively) can lead to the recovery of the general feeling and the possibility of approval on a federal scale.
According to Polymarket data, there are still investors who expect a significant approval for reserves this year.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
