Oklahoma Eyes Strategic Bitcoin Reserve as Sixth US State to Propose BTC Adoption

Oklahoma is the latest US state to eye a strategic Bitcoin reserve after Rep. Cody Maynard officially introduced a ‘Strategic Bitcoin Reserve Act.’

Oklahoma might soon become the latest US state to add Bitcoin to its strategic reserve, following an announcement by Rep. Cody Maynard on Wednesday. The bill, officially titled the ‘Strategic Bitcoin Reserve Act,’ would see the state’s savings accounts and pension funds permitted to invest in BTC.

The move comes amid a growing interest in cryptocurrencies among US states, with at least five others having already introduced similar bills. These include Texas, which passed a bill last year allowing state agencies to accept crypto for services, and Pennsylvania, where a bill was introduced in December to add BTC to the state’s employee retirement system.

Oklahoma’s bill is the latest in a series of initiatives by US states to incorporate Bitcoin into their financial systems. The move follows similar proposals in Texas, Pennsylvania, Ohio, New Hampshire and North Dakota.

The announcement comes amid a growing interest in cryptocurrencies among US states, with at least five others having already introduced similar bills. These include Texas, which passed a bill last year allowing state agencies to accept crypto for services, and Pennsylvania, where a bill was introduced in December to add BTC to the state’s employee retirement system.

If passed, the bill would mark a significant step towards the widespread adoption of Bitcoin in the United States. With a population of nearly four million, Oklahoma would be the largest state to date to establish a strategic Bitcoin reserve.

The move is also likely to put pressure on the federal government to consider adding BTC to its own strategic reserve, a possibility that has been floated by several US lawmakers in recent months. President Donald Trump himself has expressed support for the idea, saying in an interview last year that he is "a fan of Bitcoin" and that he thinks "it's a great thing."

While the Trump administration has yet to take any concrete steps towards establishing a US bitcoin reserve, the idea appears to have gained traction within the new administration. Several key figures in President Trump's cabinet, including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, have both spoken out in favor of cryptocurrencies and blockchain technology.

With the Biden administration now in place and showing signs of support for cryptocurrencies, the possibility of a US bitcoin reserve seems more likely than ever before. If realized, the move would be a historic development for Bitcoin and the crypto industry as a whole.