On January 15, Oklahoma Representative Cody Maynard introduced House Bill 1203, also known as the Strategic Bitcoin Reserve Act, to the state’s House of Representatives. The proposed legislation would allow Oklahoma’s pension funds and state savings accounts to allocate a portion of their assets to Bitcoin as a hedge against inflation and economic instability.
Advocating for Bitcoin as Financial Freedom
Rep. Maynard emphasized the importance of Bitcoin in protecting citizens’ wealth. He stated, “Bitcoin represents freedom from bureaucrats printing away our purchasing power.” Highlighting Bitcoin’s decentralized nature, Maynard explained that it cannot be manipulated or created by government entities, making it a secure and sound store of value.
This move aligns with the growing trend of incorporating Bitcoin into financial systems, as several US states and institutions explore the digital asset for its resilience against inflation and economic uncertainty.
Bitcoin Strategic Reserve Proposals Across the US
Oklahoma joins a list of states proposing Bitcoin strategic reserve legislation. Pennsylvania, Texas, North Dakota, and New Hampshire have also introduced similar bills:
- Pennsylvania: In November 2024, lawmakers proposed allowing the state Treasury to invest up to 10% of its assets in Bitcoin. State Representative Mike Cabell argued that adopting Bitcoin could protect state purchasing power and diversify investments, similar to private asset managers like BlackRock and Fidelity.
- Texas: On December 12, Texas lawmaker Giovanni Capriglione filed the Texas Strategic Bitcoin Reserve Act, proposing that the Texas comptroller hold Bitcoin as a reserve asset for at least five years.
- North Dakota and New Hampshire: Both states introduced Bitcoin reserve bills on January 10. New Hampshire’s bill includes the term “digital assets,” indicating the potential for a broader range of crypto investments. According to Dennis Porter, CEO of Bitcoin advocacy group Satoshi Action Fund, the North Dakota proposal already has 11 co-sponsors.
Growing Institutional and State Adoption
The rise in Bitcoin reserve proposals reflects its growing adoption as a hedge against inflation and macroeconomic risks. Private sector giants like BlackRock and Fidelity have diversified into Bitcoin, setting an example for governments looking to safeguard financial stability during volatile times.
If passed, these bills would position states like Oklahoma at the forefront of digital asset adoption, demonstrating how Bitcoin can be integrated into traditional financial frameworks to protect long-term purchasing power.
