New Mexico has entered the realm of the Bitcoin Reserve initiative, following a surge in interest following the election of Donald Trump as the president of the United States.
Reports reveal that the proposed New Mexico (NM) Reserve legislation aims to allocate 5% of public funds towards the acquisition of BTC.
Senator Anthony Thornton of New Mexico officially tabled Senate Bill (275) on February 4th, with the document currently awaiting review by the Senate Taxation, Business, and Transportation Committee (STBTC).
Competition Among U.S. States for Bitcoin Reserve
Notably, other states such as Wyoming, under the leadership of Senator Cynthia Lummis, have also advanced in their plans for a BTC Reserve. Should the proposal receive approval, the state is looking to invest approximately $300 million in Bitcoin to enhance the diversity of its reserve investments.
Bitcoin Laws, an entity monitoring BTC Reserve-related legislation, indicates that 15 states have witnessed varying degrees of progress concerning BTC Reserve bills.
Currently, the majority of these bills are in their introductory stages or undergoing initial readings within committees, with none having been officially passed into law yet.
Conversely, North Dakota and Wyoming faced setbacks in advancing their bills related to this matter. Conversely, Arizona has taken the lead, with its bill progressing to the general floor for formal voting.
At the federal level, David Sacks, who serves as the crypto advisor for Trump, confirmed that upon Trump’s directive, he and the designated team are evaluating the feasibility of establishing a Bitcoin Reserve.
Although a specific timeline for the national BTC Reserve remains uncertain, President Trump has tasked the team to prepare a framework within 180 days for the establishment of a “national digital stockpile.”
As per current data, Polymarket estimates the likelihood of a national BTC Reserve by 2025 to be below 50%, suggesting that the cryptocurrency market has not entirely factored in the potential for a positive outcome.