Massachusetts Proposes Bitcoin Strategic Reserve Bill
In the latest development, Republican Senator Peter Durant of Worcester County, Massachusetts, has introduced legislation aimed at establishing a strategic reserve of Bitcoin. Notably, the Worcester County native joins Texas, Pennsylvania and Oklahoma in considering similar bills. Additionally, Massachusetts is the first traditionally Democratic state to consider legislation allowing cryptocurrency investments. The proposal proposes using part of the state’s $9 billion emergency fund to purchase Bitcoin and setting a 10% cap on the amount invested in the cryptocurrency. The bill emphasizes that Bitcoin will only be a small part of the country’s investment portfolio, rather than a total divestment.
