Utah’s Bitcoin Bill: Larry David’s Take

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So, you wouldn’t believe this, but Utah is actually considering investing public funds in Bitcoin. 🤯 Yes, that’s right, the same Bitcoin that’s currently valued at $96,310 with a 24h volatility of 0.4%, a market cap of $1.91 T, and a 24h volume of $38.96 B. 🤑

H.B. 230, also known as the Bitcoin Strategic Reserve Bill, has already passed the House with an 8-1 vote and is now on its way to the Senate Revenue and Taxation Committee. I mean, who would have thought that Utah would be the one leading the charge on this? 🤷‍♂️

It all started earlier this year when a Republican senator from Utah brought it up in the House. The bill allows the state treasurer to invest up to 5% of public funds in “qualifying digital assets,” which include cryptocurrencies with an average market cap of over $500 billion in the past 12 months or stablecoins. 🤑

If the Senate approves it, the bill is expected to take effect by May 7, 2025, potentially setting a precedent for other states. And guess what? Utah might just be the first state to turn this into law. 🏆

On January 21, Rep. Teuscher wrote on X, “While Utah is the 11th state to introduce similar legislation, we will be the first to pass it.” 🙌

Other states like Florida, Maryland, Pennsylvania, Ohio, and Oklahoma are also considering Bitcoin reserves. And if you can believe it, even President Donald Trump is looking into a national Bitcoin reserve bill. 🤯

On January 23, 2025, Coinspeaker reported that President Trump signed an Executive Order hinting at a change in how the US government views the digital asset industry. This move might just boost America’s role in the worldwide adoption of digital assets and financial tech. 🚀

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2025-02-19 15:29