Illinois Proposes Strategic Bitcoin Reserve Fund
Illinois has introduced House Bill 1844 (HB1844), aiming to establish a Strategic Bitcoin Reserve Fund under the state treasury. The proposal positions Illinois among a growing number of U.S. states looking to integrate Bitcoin into their financial strategy.Key Provisions of HB1844
The bill mandates that the Illinois State Treasurer manage the fund, ensuring that Bitcoin deposits are held for a minimum of five years before any transfers, sales, or conversions occur. It also allows Illinois to accept gifts, grants, and donations of Bitcoin from residents and government entities. Transparency measures are included, requiring regular biennial audits that report total Bitcoin holdings, their equivalent U.S. dollar value, and any encountered security risks. Additionally, Bitcoin in the fund must be stored in cold storage to safeguard against unauthorized access.Growing National Trend Toward Bitcoin Reserves
Since President Donald Trump’s return to office, several states have introduced similar Bitcoin reserve bills. Arizona recently advanced legislation allowing public funds and pensions to invest in Bitcoin. In Texas, Lieutenant Governor Dan Patrick named a state Bitcoin reserve a legislative priority for 2025. Indiana’s House Bill 1322 goes beyond reserves, exploring blockchain applications for government efficiency and security. Meanwhile, Pennsylvania, Oklahoma, North Dakota, and South Dakota have all introduced Bitcoin-related proposals.Global Momentum for National Bitcoin Reserves
The push for Bitcoin as a national financial asset is not limited to the United States. Czech National Bank Governor Aleš Michl recently proposed adding up to $7 billion worth of Bitcoin to the country’s national reserves. This development prompted Wyoming Senator Cynthia Lummis to call for swift action from the U.S., emphasizing that America must establish a Strategic Bitcoin Reserve to maintain financial leadership. The Illinois Bitcoin Reserve Bill underscores a growing movement among states and nations to recognize Bitcoin as a strategic financial asset, offering a hedge against inflation and an alternative to traditional financial reserves
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