New State to Add Bitcoin Reserves, Investors Express Doubt

With the recent buzz surrounding President Donald Trump’s proposal to establish a Strategic Bitcoin [BTC] Reserve for the United States, individual states seem to be inclining towards this initiative.

Another state enrolls in the Bitcoin Reserve competition?

The movement has gathered momentum, as Dennis Porter, one of the founders of the Satoshi Action Fund (SAF), disclosed on X (formerly Twitter) that a state legislator has expressed interest in supporting the reserve.

In a private message exchange, he stated,

“A state lawmaker reached out to me. Another state is set to join the ‘Strategic Bitcoin Reserve’ campaign. The states will take the lead.”

In a subsequent tweet, he mentioned,

“I can verify that at least 15 states are planning to introduce ‘Strategic Bitcoin Reserve’ bills. Maybe even 16. Just a reminder, three months ago, this count was zero.”

Responding to Porter’s update, a user pointed out,

This illustrates the significant role that states are playing in driving forward this pioneering initiative.

Polymarket Figures and Ohio’s Audacious Move

Despite the growing excitement, Polymarket data concerning the question, “Will Trump establish a Bitcoin reserve in his initial 100 days?” indicates a mere 21% likelihood, reflecting the doubts prevailing among gamblers.

Nevertheless, Ohio has already taken bold steps by introducing a new bill to set up a ‘Strategic Bitcoin Reserve.’

Championed by the Majority Whip and supported by six co-sponsors, the bill permits the state to assign up to 10% of its general fund, budget stabilization fund, and prize trust fund to BTC.

Moreover, it entails rigorous measures, including the stipulation for sturdy self-custody or qualified custodians for asset management.

While characterizing the term “digital asset” to diminish political opposition, the bill maintains an unmistakable emphasis on Bitcoin through the stipulation of a $750 billion market cap and a 12-month average threshold—criteria exclusively met by BTC at present.

This proactive strategy aims to shield the state’s funds against inflation and guarantee prompt adaptability amidst the changing financial landscape.

Commenting on this move, Billionaire and Bitcoin supporter Vivek Ramaswamy remarked,

Trump’s Pledge

This aligns with President Trump’s command to establish a cryptocurrency task force and underscores a resolute commitment to reshape national crypto policies, including exploring the possibility of a cryptocurrency reserve.

Despite doubts arising from Polymarket data about immediate progress, the growing interest from states like Wyoming and Massachusetts, in addition to Switzerland’s contemplation of BTC for its reserves, signals a wider shift in attitudes.

Recent legislative endeavors in Texas and Oklahoma further indicate that the concept of a Bitcoin Reserve is no longer purely theoretical but gaining momentum.

While uncertainties persist, these developments hint at a fresh chapter for Bitcoin in financial systems, where its adoption as a strategic reserve asset could soon materialize.