In a significant development, Maryland State Delegate Caylin Young has introduced “Strategic Bitcoin Reserve Act of Maryland.” The latest move reflects a growing trend among U.S. states to diversify their financial assets into digital currencies, recognizing Bitcoin’s potential as both an investment and a hedge against inflation.
Maryland State Delegate Caylin Young has introduced legislation that would create a “Strategic Bitcoin Reserve” for the state, marking the latest effort by U.S. states to diversify their financial assets into digital currencies.
Young's bill, HB0084, is titled the "Strategic Bitcoin Reserve Act of Maryland." It proposes the establishment of a Bitcoin Reserve Fund, which would be used as a reserve asset for the state by investing in Bitcoin.
The bill would also authorize the State Treasurer to invest any funds obtained from enforcing certain gambling violations into Bitcoin. Specifically, the bill states that the State Treasurer "may invest any funds" derived from civil penalties for violations of the Maryland Bingo Act or the Maryland Lottery and Gaming Control Act "in Bitcoin."
This move by Maryland comes amid a growing trend among U.S. states to integrate digital currencies into their financial strategies. Notably, several states have introduced bills this year that would allocate a portion of state funds to Bitcoin or other cryptocurrencies.
For instance, Kentucky recently introduced a Bitcoin reserve bill, highlighting the increasing adoption of digital assets at the state level. On February 6, Kentucky State Representative Theodore Joseph Roberts introduced the bill KY HB376. If approved, the bill would allow the State Investment Commission to allocate up to 10% of excess state reserves into digital assets, including Bitcoin.
Kentucky becomes the 16th US state to introduce Bitcoin reserve legislation, joining Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming. Also, Kentucky’s bill follows Illinois’ announcement just a week earlier, where the state proposed a Bitcoin reserve bill with a minimum BTC holding strategy of five years.
Moreover, Missouri Representative Ben Keathley recently introduced House Bill 1217, which proposes the creation of a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio.
