Oklahoma has introduced a bill that aims to create a strategic Bitcoin reserve, positioning the state at the forefront of digital asset adoption.
Oklahoma has unveiled a bill to establish a strategic Bitcoin reserve, making the state a pioneer in the realm of digital asset adoption. Representative Cody Maynard, R-Durant, announced the Strategic Bitcoin Reserve Act on Wednesday, presenting a novel approach to safeguarding state funds while simultaneously embracing technological advancements.
The proposed legislation, formally titled the Strategic Bitcoin Reserve Act, would permit Oklahoma's state savings accounts and pension funds to allocate a portion of their assets into Bitcoin. According to Maynard, the initiative is driven by the goal of preserving citizens' purchasing power and generating stable returns amidst inflationary pressures.
“Bitcoin represents freedom from bureaucrats printing away our purchasing power,” Maynard stated. He highlighted Bitcoin's decentralized characteristic and limited supply as crucial elements rendering it impervious to inflation and government interference. The bill ultimately aims to diversify the state's financial portfolio, ensuring long-term fiscal stability and sustainability for Oklahoma residents.
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