Utah’s H.B. 230 bill advances to the Senate Revenue and Taxation Committee, signaling growing U.S. state-level interest in Bitcoin investments.
Utah’s Legislative Push for Bitcoin Reserves
The Utah legislature has moved forward with H.B. 230, a bill that would allow the state treasurer to allocate public funds into Bitcoin. After passing the House in an 8-1 vote, the bill advanced to the Senate Revenue and Taxation Committee for further review.
If enacted, the bill would permit Utah to invest up to 5% of its state reserves in qualifying digital assets, including Bitcoin and select stablecoins.
Growing Trend of U.S. States Investing in Bitcoin
Utah is part of a broader movement among U.S. states exploring Bitcoin as a strategic reserve asset. Over a dozen states—including Texas, Pennsylvania, and Ohio—have introduced similar legislation.
Proponents argue that Bitcoin can serve as an inflation hedge and financial diversification tool, particularly as federal monetary policy remains uncertain.
Potential Impact on the Crypto Market
If passed, the bill would take effect on May 7, 2025, making Utah the first U.S. state to formally allocate treasury funds into Bitcoin. The move reflects increasing state-level support for digital assets, especially following President Trump’s pro-crypto stance.
While Bitcoin has seen volatility in recent weeks, its long-term adoption as a state-backed asset could further legitimize its role in institutional finance.
