Bitcoin News – Utah Takes Big Step Toward Bitcoin Investment with H.B. 230 Bill
Bitcoin News – Utah has taken a significant step towards potentially allowing its state treasurer to invest public funds in Bitcoin and other digital assets. The state’s “Blockchain and Digital Innovation Amendments” bill, known as H.B. 230, has successfully passed the House with an 8-1 vote last month and is now progressing through the Senate. On February 7, the bill was read for the first time in the Senate before being referred to the Senate Revenue and Taxation Committee for further consideration.
Legislation Aims to Authorize Investments in Digital Assets
The bill, introduced by Utah Representative Jordan Teuscher on January 21, proposes that the state treasurer be authorized to allocate up to 5% of public funds to invest in “qualifying digital assets.” These assets would include crypto assets like Bitcoin, which has a market capitalization of approximately $1.9 trillion, as well as stablecoins and digital assets with an average market cap of over $500 billion during the past 12 months.
With this legislation, Utah aims to position itself as a leading state in the adoption of blockchain technology and digital asset investment.
The Growing Movement for Bitcoin Investment Among U.S. States
Utah is the 11th state to introduce similar legislation, but it could be the first to pass such a law. States like Texas, Pennsylvania, Ohio, and Oklahoma have also expressed interest in creating bitcoin reserves to bolster their economies. The push for bitcoin adoption has gained momentum, particularly following the pro-crypto stance of former President Donald Trump.
Impact and Future Timeline
If passed, the proposed legislation will take effect on May 7, 2025. The move has sparked significant interest as more U.S. lawmakers recognize the potential of Bitcoin as an investment opportunity for public funds.
At the time of writing, Bitcoin is trading at $95,178, having lost 0.9% in the past 24 hours, according to The Block’s price page.
This development could signal a new era for state-level investments in cryptocurrency and blockchain technology.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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